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The
ulliturrct31
VOL. 126.
1 financial
brontrie
SATURDAY MAY 12 1928.
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Senate Tax Revision—Increasing the Surtax
Rates—Exempting Bankers' Acceptances.
The U. S. Senate has the present week been acting on the tax revision measure as presented by its
Finance Committee, and has on the whole shown
a disposition to accept the work of the Finance
Committee, though nevertheless, overruling it on
some essential points. The report of the Committee is an able document and no one who carefully
reads it from beginning to end can fail to be impressed with the infinite pains taken on the one
hand to protect the interests of the Government and
on the other hand to deal justly with the taxpayer
while granting him the largest measure of tax reduction possible and yet preserving a proper equilibrium
between Government revenues and Congressional
appropriations, for a budget deficit is above everything else to be avoided. Nevertheless, there are
certain anomalies in the report and in the changes
proposed in the bill as it came from the House of
Representatives last December that are a decided
surprise and which cannot be justified on rational
grounds.
One of the changes we have in mind concerns the
revision of the surtax schedule of rates, graduated
ft
according to the size of the income. With the bulk
of the changes in these surtax rates no fault is to
be found. On the contrary, they are sound and in
the right direction. But the Committee spoils all
its good work by making a change at one end of the
line which is wholly indefensible. It actually increases the surtax rates at that end—something
hard to believe and yet absolutely true. There is all
NO. 3281.
the more occasion for directing attention to this
maladroit change since it has passed virtually unnoticed and the Senate has shown a disposition to accept the new surtax schedule just as proposed by the
Finance Committee including the blemish referred
to.
It will be recalled that Secretary Mellon has repeatedly urged lowering the surtax rates in what
are called the intermediate brackets or zones, involving incomes moderately large in size, as distinct
from incomes of greater size or of huge extent. The
basis for the recommendation has been that the taxpayers in those zones have failed in previous reductions in the surtax rates to receive their proper
share in the reductions made—have indeed been unfairly discriminated against. The House of Representatives in its draft of the new revenue measure
paid no heed to these sound and sensible suggestions of the Secretary and made no change whatever
in any of the surtax rates. The Senate Finance Committee pleads the cause of the tax payers in the
zones under discussion with great earnestness and
convincing force. As a matter of fact the scaling
down of the surtax rates is made a distinct feature
of the Finance Committee's report. Seven main
features of the bill as drawn by the Finance Committee are enumerated and the change in the surtax
schedule is mentioned as the third of these, the Committee saying "(3) The intermediate surtax brackets are readjusted so as to remove the outstanding
inequalities of the present law, under which certain
classes of individual taxpayers are paying taxes disproportionately high in comparison with other taxpayers." In its discussion of the subject the Finance Committee states the case of the taxpayers referred to
with great felicity and directness, its comment being as follows: "Certain of our taxpayers are still
paying more taxes than they were during 1917 (11
years ago, be it remembered—Ed.), or are paying
disproportionately greater taxes than taxpayers in
other classes. An unprejudiced examination of our
present surtax brackets indicates clearly that in all
fairness the intermediate brackets, that is, those
ranging from $21,000 to $80,000, should be reduced.
This is particularly true of the taxpayers falling
within the $50,000 to $80,000 brackets. A taxpayer
falling within one of these brackets is a very substantial citizen, contributing materially to the
.the country. He is not orwealth and welfare of
ganized and has no Washington representative. He
2858
FINANCIAL CHRONICLE
[VoL. 126.
is carrying on no propaganda. Nevertheless, it is income zone referred to since it is offset by an ingenerally admitted that his present tax burden is crease of 1% in the surtax rate for the same zone.
unduly large and that he is entitled to a reduction Now income within that particular zone is subject
to the extent that the revenue demands permit. to the corporation tax of 13/
1
2% plus a surtax rate
Your Committee has adjusted the intermediate of 19%, making :12/
1
2% altogether, while under the
brackets, so as to give the relief to those entitled to new schedule the total will be precisely the same
it, to work out a more equitable and scientific sur- but made up of a corporation tax of 12/
1
2% plus a
tax table, and so as to keep the resulting reduction surtax rate of 20%. Thus that share of the income
will not enjoy even the relief afforded by the mere
within $25,000,000."
We have otm elves spoken in the foregoing strain reduction of 1% in the corporation tax.
in the columns of this publication and will not thereAnyway, consider the magnitude of this total tax
fore undertake to enlarge further upon what the of 32/
1
2%, to which moreover must be added, in this
Committee says in that respect in language admit- State, the 4/
1
2% State corporation tax and the State
ting of no contradiction. To re-enforce its argu- tax on personal incomes which runs at 3% on
ment the Committee gives a series of tables showing amounts of incomes in excess of $50,000, making the
in exact figures how badly the classes of taxpayers grand total of Federal and State income taxes 40%.
referred to have fared under previous tax revisions. In other words, Government takes $400 out of every
We pass these by for lack of space except to note $1,000 of net income—and this nearly 10 years after
that one "table shows that under the 1926 Act the, the conclusion of the Armistice in 1918! Obviously
man with $80,000 net income actually pays more the proposed increase in the surtax rate on intax than he did in 1917."
comes between $80,000 and $100,000 cannot be deAll this makes it all the more strange that when fended and it is to be hoped that either in the Senate
the Committee gets to the extreme end of the line or in the Conference on the bill between Committees
it makes one change which actually involves an in- of the two Houses the increase will be eliminated.
crease in the surtax rate at that end. Under the
We may add that lowering the amount of inexisting tax law the maximum of the surtax rate at come at which the maximum surtax rate applies,
20% is reached on incomes running above $100,000. appears all wrong in principle as well as in every
In the schedule prepared by the Finance Commit- other way. Under the Revenue Act of 1924 the
tee, the maximum of 20% is reached on incomes maximum of the surtax was 40%, but was not
above 0,000. No explanation is advanced for this reached until the income exceeded $500,000. Under
anomaly. On amounts of income between $80,000 the Revenue Act of 1926 the maximum of the surtax
and $100,000 the rate of the surtax is now 19%. was reduced to 20%, but was made to apply on all
Under the change made by the Senate Finance Com- incomes above $100,000. Now the Senate Finance
mittee the rate on incomes within that particular Committee proposes to make it apply on the income
bracket will be 1% more. What could have pos- in excess of $80,000. Plainly a more equitable plan
sessed the Committee to make this increase when all in any change in the surtax rates would be to keep
other surtax rates on amounts of income from $21,- raising the level of the income at which the maxi000 to $80,000 have been reduced, it is difficult to mum figure is assessed and then to grade the rates
imagine. But that the increase is unfair and dis- up to this higher level thereby affording relief all
criminatory, needs no argument.
along the line. Suppose that in the 1926 revision the
The step taken is like the action of Congress in level of income at which the maximum rate applies
drawing up the Revenue Act of 1926 when the Cor- had been left at $500,000 would it now be necessary
1
2% to 13/
1
2% at a to revise the rates in the intermediate brackets and
poration tax was raised from 12/
time when virtually all other taxes were reduced in would income between $80,000 and $100,000 be subdrastic fashion. And it deserves to be pointed out ject to a tax as high as 19%, not to speak of 20%?
that the raising of the surtax rate to 20% on in- The reason why this was not done is of course percomes between $80,000 and $100,000 will work par- fectly apparent. The lower the net is set the more
ticular hardship in the case of proprietors of small taxpayers are caught. And this is probably what
corporations whose income is derived entirely from prompted the Finance Committee in lowering from
a corporation and who therefore are obliged to pay $100,000 to $80,000 the amount of income at which
the corporation tax in addition to the surtax rates. the maximum of the surtax rate is to be levied. But
The Senate Finance Committee does not find it pos- that does not make the action any the less unwar2% rantable.
sible to cut the Corporation tax rate from 131/
House
Bill,
makes
but
Regret must also be expressed that the Senate
1
2% as proposed in the
to 11/
7r—that
is,
12
/
1
2
to
Committee
13
/
1
2
%
from
only
thought it advisable to accede to the
reduction
a
was
back
to
where
it
House
rate
tax
corporation
proposal
for the abolition of the automobile
puts the
of
the
Revenue
Act
tax.
The repeal of the automobile tax, as we have
before the increase made under
1926. The situation therefore will be that on cor- only recently pointed out in these columns, is nothporate incomes the total amount of the tax on that ing less than the deliberate throwing away of $67,part of the income running between $80,000 and 000,000 of revenue a year which is the yearly yield
$100,000 will be the same as before, the lowering of of this tax. The repeal of the tax is not needed to
the corporation tax by 1% proving of no avail in the stimulate the automobile industry, which is thriv-
MAY 12 1928.]
FINANCIAL CHRONICLE
2859
Then also to exempt acceptances in the hands of
ing as never before, and it is too small to be of any
consequence to the purchaser of a car, since a 3% foreign holders and 'retaining the tax in the case of
tax on a car costing $1,000 amounts to only $30 and domestic holders, is invidious distinction that cannot
on a car costing $500 no more than $15. The Senate be justified. Already the American Acceptance
Committee takes occasion to say that "Had the au- Council is urging tax exemption for the whole body
tomobile tax been retained there would have been of acceptances. On the other hand, to grant general
available a surplus sufficient to justify a reduction exemption to acceptances is, as we remarked in dis2%" instead of low- cussing the subject in our issue of November 12 last,
in the corporation rate to 111/
2%. Now note the excuse given class legislation of the most objectionable sort. It
ering it only to 121/
for not retaining the tax. The Committee adds: is also creating a new class of tax exempt securities.
"However, the automobile manufacturers stated Not only that, but it is changing the entire policy of
that they preferred the repeal of the sales tax to a the Government with reference to tax exempt securireduction in the corporation rate, and that the ties. The Treasury Department is seeing how illogirailroads and others joined with them in advocating cal it would be to grant tax exemption to acceptances
the repeal. Accordingly it was necessary to recoup and not give full tax exemption to United States
the loss by denying a greater reduction in the cor- bonds and other obligations, and the Secretary of
poration rate." It would be difficult to think of the Treasury in his annual report urged that all
any aigument possessing less validity than the one issues of the United States should be exempt not
here advanced. With all due respect to the Commit- only from the normal taxes but from surtaxes as
tee it seems to us of the flimsiest nature. It amounts well. He thinks that the surtax rates are no longer
to saying that in order to please these automobile so high that they would lead to tax evasion as was
manufacturers, who, after all, constitute only one the case when the surtax rates were much higher.
part of the business world, every corporate pro- But the maximum of the surtax is still 20%, and to
prietor throughout the length and breadth 1f the exempt $18,000,000,090, or thereabouts, of U. S.
land must remain subject to a corporation tax 1% securities from all taxes, normal and surtaxes, and
higher than would otherwise be the case.
at the same time create a new form of tax exempt
We cannot get ourselves, either, to endorse the security in the shape of bankers' acceptances
action of the Senate Committee in yielding to the which are issued now to a grand aggregate of
'House in repealing the tax on bankers' acceptances $4,000,000,000 a year, would be an adventure of a
when held by a foreign central bank of issue. The dubious character, and would be so utterly the reCommittee repeats the argument made by Secretary verse of previous practice that it cannot be regarded
Mellon in favor of the repeal and which to us seems with the least degree of favor. During the war the
entirely unconvincing, the Committee saying: "Gen- United States granted full tax exemption to only
erally speaking, the chief ways in which a foreign the First Liberty Loan bonds and immediately felt
bank of issue employs its surplus funds in the that a serious mistake had been made in so doing.
United States are (1) on deposit with banks; (2) Accordingly it refused to grant a similar exemption
invested in short-term Government securities, and to any of the subsequent issues put out to a grand
(3) in bankers' acceptances. At the present time total of over $20,000,000,000.
the law exempts from taxation income derived from
Finally, banking and financial opinion is by no
the first two sources (sec. 233, 217 and 236 of the means in full accord with Mr. Mellon in thinking it
1926 act), but taxes income derived from bankers' would be wise to extend tax exemption to acceptacceptances. Foreign banks of issue with surplus ances. Albert H. Wiggin, the guiding spirit of the
funds to invest must seek the most liquid short-time Chase National Bank, openly antagonized the proinvestments available. The present law tends to posal in his annual report submitted last January.
keep foreign funds out of our market and to force Mr. Wiggin expressed his opposition to making any
American merchants to finance their transactions type of investment tax exempt and also to "making
abroad rather than through the dollar acceptance. favorites", to use his own language, "of any parThe cOmmittee believes that this handicap on the ticular markets." Here is what Mr. Wiggin said
free development of our dollar acceptance market on the subject:
should be removed."
"The proposal has been made that acceptances
We cannot help thinking that the granting of such
should be free from Federal taxation when held by
exemption would be 'a serious mistake. The amount foreign central banks. In the case of the acceptance
of revenue involved is perhaps of no great conse- market it seems to me desirable that American banks
holders of acceptquence, though no one can tell what the ultimate should themselves be primarily
ances. These acceptances constitute admirable secfigure might be. The principle involved, however, ondary reserve and when held in the portfolios of
is of very great moment. As far as foreign central banks contribute definitely to the liquidity of our
acceptances is
banks of issue are concerned, we do not believe that banking system. The yield on these
already low, so that American banks are reluctant
they need any extraneous aid of that kind, or that to hold them in adequate volume, and if they are
exemption would play any important part in accom- made tax-exempt when held by foreign central banks,
plishing the purpose sought, namely in inducing a this yield may be still further reduced. I am opposed
in principle to making any type of investment taxflow of foreign capital and of foreign bankers' bal- exempt and also to making favorites of any particuances towards the United States.
lar markets."
2860
FINANCIAL CHRONICLE
[Vol,. 126.
Altogether, the arguments against the exemption with 2.353c. a year ago, and the composite price of
proposed seem stronger than those urged in its pig iron $17.50 per gross ton against $17.67 a month
favor, and Congress should be governed accordingly. ago and $19.13 a year ago. In the agricultural world
the outlook for the crops, which in the last analysis
lie at the basis of everything else, is now more promThe Financial Situation.
ising, better weather having recently been experiCall iponey on the Stock Exchange again ruling at enced. The winter wheat crop, to be sure, as a
6% for several days, with 5% firmly bid for time result of extensive abandonment of acreage, owing
loans on collateral security; brokers' loans showing to winter killing, will not be equal to that of last
still further growth, to a new high peak in all time; year. This week's report of the Agricultural Dethe Federal Reserve Bank of New York maintaining partment at Washington, concerning the winter
its rediscount rate unchanged at 4%; some more wheat situation, is discussed in a separate paraselling of U. S. Government securities by the twelve graph further below. As against the impaired winReserve Banks, without diminishing the amount of ter wheat prospects, however, the promise of the
Reserve credit in use (the sale of these Government spring wheat crop, the seeding of which is now apsecurities having been offset, and more than offset, proaching completion, is at the moment more than
by increased borrowing on the part of the member ordinarily good. The cotton crop is also making
banks) and with the total of such Reserve credit in better headway, though the weather in many parts
active employment almost half a billion dollars in of the cotton belt is still too cool.
excess of that for the corresponding date a year ago;
As noted above, brokers' loans in this week's rethe stock market still bubbling and boiling, with
further frenzied bidding up of prices, and the Stock turn of the Federal Reserve Board establish anExchange authorities having again decided to keep other new high record. This has now got to be a
the Exchange closed to-day, the same as on several part of the order of the day and no one any longer
previous Saturdays:—these are the chief develop- expresses surprise thereat. As a Matter of fact,
ments the present week in a situation the essential with speculation steadily expanding, not alone on
characteristics of which are not greatly changed the Stock Exchange but in the Curb Market as well
from week to week. Speculation and expansion are —and it is important to bear in mind that the Curb
still the order of the day, with fever and frenzy, Market can not be left out of the account, since
rather than reason, the dominant factor in the finan- the daily transactions in that market now frequently run in excess of a million shares, the aggregate
cial world.
In the meantime trade and industry are still fol- on Monday of the present week having actually been.
lowing their prosaic course, unaffected by the tumult 1,432,400 shares, and the daily total having been
in the speculative arena, with the volume of business above one million shares on each and every day of
hardly of full normal volume if the customary trade the week—and with the price level steadily rising,
indices can be accepted as a guide. Loading of rev- steadily augmented borrowing to higher and still
enue freight by the railroads of the United States higher figures, is the inevitable outcome. The furfor the four weeks of April aggregated the present ther addition this week, too, has been very substanyear 3,738,295 cars, against 3,875,589 cars in the tial, amounting to almost $80,000,000 (in exact figfour weeks of last year, and 3,862,708 cars in the ures $79,451,000), and the total has been unintersame weeks of the year before. The production of ruptedly rising, week by week, ever since March 7.
bituminous coal in the United States is not even At the date referred to, the grand aggregate of the
measuring up to that of the same period in 1927, when loans to brokers and dealers (secured by stocks and
so many of the coal miners were on strike, and only bonds, by the forty-six reporting member banks,
the non-union mines were actively engaged in taking stood at $3,695,709,000; for May 9 the present week
out coal; thus for the week ending April 7 the pro- the aggregate is reported at $4,361,108,000, giving
duction of soft coal the present year was only an addition of not far from $700,000,000 in a little
7,158,000 tons against 8,255,000 tons in the corre- over two months. If we go back a full year to May
sponding week of 1927; for the second week only 11 1927 we find the total then, though already very
7,415,000 tons against 8,001,000 tons; for the third large, was no more than $2,914,945,000, showing an
week 7,917,000 tons against 7,937,000 tons, and for increase for the twelve months in the prodigious
the week ending April 28, 8,187,000 tons against sum of $1,446,163,000.
It deserves to be pointed out that the further ad8,434,000 tons. In the year preceding (1926) the
output of soft coal was well above 9,000,000 tons in dition during the past week of $79,451,000 to the
grand total of these loans was made in face of the
each and every week of April.
Steel production, under the the impetus of the fact that these forty-six reporting member banks
demand on behalf of the automobile industry, which diminished the loans made for their own account by
is sailing ahead with a vim and energy all its own, $77,120,000, the amount of loans for own account
makes a good showing, the output of steel ingots for having fallen from $1,329,247,000 May 2 to $1,252,the first four months of 1928 being estimated by the 127,000 May 9. It follows that over $156,000,000
American Iron & Steel Institute at 16,846,728 tons, came from outside sources, attracted here no doubt
against 16,264,527 tons in the first four months of by the high rates prevailing for call loans. The loans
1927, and, according to the weekly reports of the made for 'account of out-of-town banks ran up durtrade papers, the volume of steel tonnage being well ing the week from $1,586,152,000 to $1,684,225,000,
maintained even during the current month of May. while the amount of the loans ."for account of
Unfortunately, however, steel activity now seems to others" (which would include money loaned by the
be at the expense of prices, there being vigorous com- New York agencies of the Canadian banks) jumped
petition for new orders and the composite price of from $1,366,258,000 to $1,424,756,000.
The renewed growth in the total of the loans made
the Iron Age for finished steel is now 2.348c. per
pound as against 2.362c. a month ago and comparing for account of the out-of-town banks is both inter-
MAY 12 1928.]
FINANCIAL CHRONICLE
2861
esting and significant. Six of the outside Reserve conclusive. As pointed out by us last Saptiirday,
banks have now raised their rates of rediscounts the Federal Reserve banks the present year hdve en1
2% and one of the arguments in favor gaged in extensive selling of United States Governfrom 4% to 4/
of maintaining higher rates at the outside institu- ment securities on two separate occasions. The first
tions (outside of New York) has always been that it occasion was in January and the second and more
would lead to the recall of some of the money loaned mecent occasion began the middle of April. What
here and its investment at home for local account. has been the result? On April 11 their holdings of
The first effect of the recent advance in the rates United States Government securities were $378,016,was in the direction indicated; for two successive 000; the present week, May 9, the amount is down
weeks the total of the loans for account of the out- to $277,392,000; in other words, the Reserve banks
of-town banks declined, dropping from $1,702,908,- threw $100,624,000 of Government securities on the
000 April 18 to $1,586,154,000 May 2, but the present market in this interval of four weeks. The idea was
week (May 9) it got back at one bound to $1,684,- to withdraw that 'amount of Reserve credit from
225,000. Somehow every move made by the Federal use. Did the proceeding operate in that way? Was
the total of Reserve credit reduced in that amount?
Reserve institutions seems to prove futile.
As would be expected, too, the further expansion Was it, indeed, reduced at all? The figures themin brokers loans has been attended by borrowing on selves furnish the answer; except in the week enda greater scale than before by the member banks ing April 18, the total of the bill and security holdat the Federal Reserve institutions. This week's ings has been steadily rising and May 9 finds the
statement for the Federal Reserve banks themselves aggregate up to $1,420,627,000, as against $1,359,is like all 'recent preceding statements; it shows ad- 280,000 on April 11.
It thus appears that the amoant of Reserve credit
ditional selling of Unated States Government securities by the twelve Reserve Banks which again in use has actually risen in amount of $61,347,000
proved wholly unavailing as a factor in reducing during the four weeks, notwithstanding the sale of
the supply of funds in the money market, since it $100,624,000 of Government securities. What hapmerely induced further borrowing by the member pened has been, as previously explained, that the
banks and thus served to expand the amount of Re- member banks, deprived of the funds which purserve credit outstanding, rather than contracting it chase of the bonds from the Federal Reserve banks
—proving the futility of that performance, too, as involved, increased their own borrowings at the Fedwe demonstrated at length in a special article de- eral Reserve banks, thereby adding correspondingly
voted to the subject in our issue of last Saturday. to the discount holdings of the institutions. This
During the week under review the twelve Reserve in- is plainly evident from the fact that the total of
stitutions disposed of $14,910,000 more of their Gov- these discounts during the four weeks ran up from
ernment securities but the member banks, to replen- $618,679,000 to $777,141,000.
Most important of all, this additional borrowing
ish this draft upon their funds, still further extended their borrowing at the Reserve banks, as is in- was only in small part on the security of mercandicated by the fact that the discount holdings of the tile paper. The bulk of it was obtained on the detwelve Reserve banks increased from $757,054,000 posit of Government bonds—in the main, no doubt,
May 2 to $777,141,000 May 9. In addition the Re- the same bonds purchased from the Reserve banks.
serve banks increased their holdings of acceptances On April 11 the twelve Reserve banks held $391,357,from $363,101,000 to $365,104,000. The result al- 000 of discounts secured by United States Governtogether has been that total bill and security hold- ment obligations; on May 9 they held no less than
ings during the week ran up from $1,413,447,000 to $507,508,000 of discounts secured in that way. The
$1,420,627,000—this notwithstanding the Reserve Reserve banks, as we have seen, disposed of $100,
banks sold, as we have seen, $14,910,000 of their 624,000 of Government bonds, and then the member
holdings of Government securities. On May 11 banks took the same bonds, or an equivalent
last year the amount of these bill and security hold- amount, together with $15,527,000 more and obings was only $930,724,000. Comparison of this tained loans upon them at the Reserve banks. The
amount with the present total of $1,420,627,000 in- operation thus resolves itself into a sale of the bonds
dicates that $489,903,000 more of Reserve credit is to the banks and then the banks pledging the same
now in use than was the case twelve months ago. bonds, or an equivalent amount, with the Reserve
And yet we are given to understand that the Reserve banks for the purpose of getting back, through loans.
banks have been seeking to curb Stock Exchange the money paid for them. The figures are so conspeculation and restrict the use of Reserve credit. clusive on that point that we present them below in
Obviously, it is a strange way to regulate and re- tabular form:
April 11.
311 9.
strict the use of Reserve credit by placing more at Bills discounted$
Inc. 116,151.000
391,357.000
507.508,000
oblig_
Sec.
by
U.
S.
Govt.
command than before, or shall we say that the plans
Other bills discounted-- 269,633,000 227,322,000 Inc. 42,311,000
of the Reserve Board here, too, have gone awry.
Total bills discounted__. 777,141.000 618,679,000 Inc. 158.462.000
Either horn of the dilemma has something embar- Bills bought in open market 365,104,000 361.595,000 Inc. 3,509.000
U.S. Government securities—
rassing about it.
Dec. 607,000
56.609,000
56.002,000
Bonds
101,977,000 151,763.000 Dec. 49,786.000
Treasury notes
It seems proper again to point out that selling
119.413,000 169.644,000 Dec. 50,231.000
Certifs• of indebtedness
of Government securities, instead of withdrawing
378,016,000 Dec. 100,621,000
277.392,000
Total U. S. Govt. sec
990.000
990.000
funds from the market as contemplated, merely re- Other securities
Total bills and securities--1,420,627.000 1.359.280,000 Inc. 61.347.000
sults in the banks' buying the bonds, then taking
It will serve to clinch the argument if we add that
them back to the Reserve institutions and borrowing upon them. This week's return of the Reserve borrowing on United States Government obligabanks is not an isolated instance of the kind. The tions has been particularly heavy at the Federal Resame thing happened in previous weeks. The pres- serve Bank of New York, where the rate of redisent week's figures simply carry the proof one step count has been maintained at 4%. The New York
further and make the showing correspondingly more Reserve Bank held $214,259,000 of discounts se-
2862
FINANCIAL CHRONICLE
(vol. 126.
cured by United States obligations on May 9 as forward movement which was continued on Friday,
against $143,804,000 April 11, $113,422,000 March on which day the market closed at its best, with
28 and no more than $55,250,000 on March 21.
demonstrations in favor of higher prices all around.
The railroad stocks have been especially promiThe stock market has acted the present week the nent again the present week,•as noted above, and
same as in many previous weeks. It has been active, New York Central closed at 188 yesterday, against
excited .and higher all around, though with occa- 184 on Friday of last week, and Southern Pacific
sional severe downward reactions. Early in the closed at 1271/
8 against 125%. Texas & Pacific has
week, as has happened so many times before, special joined the ranks of the dividend payers by the decstocks were bid up with great vigor at a time when laration of a quarterly dividend of 1/
1
4%, but closed
numerous market leaders were manifesting distinct yesterday at 140 against 140 the previous Friday.
weakness, and it has been difficult to resist the con- As a result of this dividend Missouri Pacific, which
viction that the trotting out of special stocks,. or owns a large amount of Texas Pacific stock, has also
special groups of stocks, and whirling them up, was again displayed great strength and closed yesterday
with design and for the purpose of offsetting the at 657/8 against 60 on Friday of last week. Rock
weakness referred to and to prevent it from result- Island stock moved to the highest figure in its hising in demoralization. Wednesday furnished a con- tory and closed yesterday at 119/
1
2against 1181/
4 the
spicuous instance of this kind. While numerous previous Friday; Northern Pacific closed at 1037
/8
stocks tumbled badly, among them General Electric, against 1017
/8; Great Northern at 106/
1
2against 105;
Radio Corporation,United States Rubber, Coca Cola, Union Pacific at 204 against 202; Wabash at 941/
4
Freeport Texas, and Canada Dry Ginger Ale, and against 87; Balt. & Ohio at 117 against 116%; Lehigh
the market looked as if it were going all to pieces, Valley at 108 against 103; Reading at 1177
/8 against
the Railroad shares were once more brought to the 112; Lackawanna at 1451/
4 against 144; New York
front and advanced with great rapidity. The rail- Chic. & St. Louis at 145/
1
2against 136; Chesa. & Ohio
1
4 against 201; Canadian Pacific at 220/
road list indeed has been one of the strong pillars at 202/
1
2
of the market, as in other recent weeks, and numerous against 213/
1
2; Atchison at 195 against 193½; Genhigh records for the year have been established. The eral Motors sold as high as 210 on Monday, but
best grade of railroad properties, too, have been closed yesterday at 2037
/
8 against 204% the previous
conspicuous in the forward movement, including, Friday, notwithstanding the declaration of an extra
among others, N. Y. Central, Southern Pacific; &c. dividend. of $2 per share on the stock; U. S. Steel
4 against 148; General Electric at
Iligh money rates, especially 6% for call loans, have, closed at 1483
been made to do duty in depressing prices and sell- 169% against 1653
4; Montgomery Ward at 153/
1
2
ing pressure has been quite effective at such times. against 1387
/8; Sears Roebuck & Co. at 103% against
There has never, however, been any loss of confidence 1011
/
2. The independent motor stocks were irregu% against 74%
on the part of the outside public. Indeed, higher lar; Chrysler closed yesterday at 773
money rates appear to be a matter of complete indif- the previous Friday; Packard Motors closed at 70%
ference to it. The money situation has simply been against 701/2; Hudson Motors at 90 against 92/
1
2:
a weapon in the hands of the trading element, always Hupp Motors at 56 against 56, and Studebaker at
ready to press an advantage, either in the one direc- 671/
4 against 68. The rubber stocks encountered a
tion or the other. The fluctuations in some special- new set in a report that tire prices were to be reties have been exceedingly violent both up and down, duced, though this was later denied. U. S. Rubber
Wright Aeronautic and Radio Corp. being especially pfd. closed yesterday at 77% against 80, and the
prominent in that way. The former covered a range common stock 423
% against 44; Goodyear Tire &
during the week running from 155 May 9 to 196 May Rubber closed at 54% against 54%, and B. F. Good11, and closed at 190 against 155/
1
4 on Friday of last rich closed at 90/
1
2 against 907
/8. In the case of the
week, while Radio Corp. fluctuated between 185% independent steel stocks, Bethlehem Steel closed at
May 7 and 209 Illay 8, closing yesterday at 205/
/
8 the previous Friday and Republic
1
2 62 against 633
1
4 on Friday of last week.
against 183/
Iron and Steel closed at 60% against 60.
The market has been extremely active, with, the
The oil stocks also moved irregularly, and Stantrading large on every day. And the remark applies dard Oil of N. J. closed yesterday at 457
/8 against
to the New York Curb Market as well as to the Stock 45%; Pan American Petroleum & Transport closed
1
2against 507
/8; Marland at 40/
Exchange. Dealings on the Exchange aggregated at 49/
1
2against 41%;
4,424,480 shares on Monday, 4,160,990 on Tuesday, Philips Petroleum at 42 against 42/
1
4, and Houton
3,955,615 on Wednesday, 3,598,590 on Thursday, and Oil at 148% against 146. Among the copper stocks,
4,032,900 on Friday. In addition, 1,432,409 shares Anaconda Copper was 71 at the close yesterday,
/
8 the previous Friday; Kennecott Copper
were dealt in on the Curb Market on Monday, 1,160,- against 717
78 against 88; Greene-Cananea at 122/
501 on Tuesday, 1,216,800 on Wednesday, 1,231,500 88'/
1
4 against
on Thursday, 1,203,695 shares on Friday. Combining 120, and Calumet & Arizona 102 against 103%.
the two markets the dealings were 5,856,880 shares
Some improvement occurred in the condition or
on Monday, 5,321,491 shares on Tuesday, 5,172,415
shares
on
winter
4,830,090
Thursday,
wheat during April. It is still low, howWednesday,
shares on
ever,
much
Friday—a
marvelous
on
record.
shares
below the .average at this season. As
and 5,236,595
was
expansion
in
brokers'
loans
further
foreshadowed
the
in the April report issued a
On Friday
was passed by almost without notice. Moreover, month ago, winter killing is found to have been exthe further increase lost much of its potency by tremely heavy, nearly as great as in the disastrous
reason of the fact that the Federal Reserve Bank of year 1917. A somewhat reduced area for harvest
New York did not deem it incumbent to advance its for the current crop now appears, reduced as comrate of rediscount. U. S. Steel, which had been pared with last year, but very much larger than in
more or less of a laggard for many weeks, suddenly the harveA of 1917. Winter killing this year is
sprang into prominence on Thursday and led in. a placed at 11,986,000 acres which is 25.1% of the area
MAY 12 1928.]
FINANCIAL CHRONICLE
planted last autumn. This is the estimate of the
Department of Agriculture in its report at Washington issued on Wednesday of this week. In the other
year in which winter killing was very heavy, 1917,
the area abandoned was 12,039,000 acres, but this
area constituted 33.4% of the acreage sown to winter wheat in the preceding fall.
In the case of the crop harvested last summer,
winter killing was only 3,550,000 acres, or 7.7% of
the area sown, and winter killing last year was
somewhat less than the average for the ten-year
period ending with 1927, which was 10.5%. The
area sown, however, to winter wheat last fall for
the crop to be harvested this year, was exceptionally
big, amounting to 47,897,000 acres, one of the two
or three very large sowings on record. The estimated area now remaining for harvest this year is,
in consequence, well up to the area harvested for
this very important crop in recent preceding years.
In fact, there is now shown as remaining for harvest this year no less than 35,858,000 acres, which
compares with 37,872,000 acres harvested last year,
and 36,913,000 acres for the winter wheat crop harvested.in the summer of 1926.
Unfortunately, the condition of this year's crop is
low, nearly as low as that shown in the May 1 1917
condition report, the May 1 1928 condition being
73.8% of normal, while for May 1 1917 it was 73.2%.
Last year the May 1 condition was 85.6%; for 1926
it was 84.0%, and the average for the past ten years
has been 85%. The condition of 73.8% for May 1
this year compares with 68.8% for April 1 1928, an
improvement of five points during the month of
April this year. Ordinarily some improvement appears during that month. Last year the betterment
during April was only 1.1 points, but in 1925 it was
8.3 points, in 1923 4..9 points and in 1922 5.1 points.
In the three years last mentioned, 1925, 1923 and
1922, the early condition of the winter wheat crop
was somewhat below the average and some improvement appeared in April, as has been the case this
year. Later in that season, however, there was a
reduction in condition, as is quite generally the
case in the progress of the growth of this
cereal.
Assuming average growth the rest of the season,
the Department of Agriculture estimates this year's
yield at 479,086,000 bushels. Last year the harvest
was 552,384,000 bushels, and in 1926 626,929,000
bushels. The winter wheat harvest in 1917, when
early conditions were very had, as they have been
this year, was 412,501;000 bushels. There has been
one other year in the past fifteen, when the harvest
was even lower than in 1917, and that was 1925, the
production that year being only 401,734,000 bushels.
Conditions throughout the season for that year
were exceptionally low and winter killing was large,
amounting to 9,504,000 acres. The indicated crop
for this year is based. on an estimate of only 13.4
buOtels yield per acre. In the past ten years there
has been but one year, and that was 1925, in which
the yield per acre was less than that indicated for
1928. In 1925 the average yield per acre was 12.9
bushels; the average for the ten-year period including 1927 was 14.9 bushels to the acre. All sections
of the country have suffered in the matter of reduced area, but the loss was greatest in the northern Central States, where one-half of the winter
wheat crop is grown. In that section the abandonment of area has been 31.8% of the acreage sown,
2863
and the condition on May 1 this year was 70.2% of
normal as compared with 86.9% on May 1 1927.
In the South Central States, which includes Oklahoma and Texas, the abandonment of area has been
17.2% with the condition on May 1 this year 70.4%
against 78.7% a year ago. Owing, however, to the
large increase in area sown last autumn to winter wheat in the South Central States, the indicated
yield for that section the present year is heavier
than was harvested in 1927, and the South Central
States are the only States in which a gain over 1927
appears.
In the West, that is west of Kansas and Nebraska,
where perhaps 20% of the winter wheat crop is
produced, the area abandoned this year is 14.8%
of. the area sown, but the condition on May 1 this
year of 86.4% of normal, compares with 88.3% the
latter the condition on May 1 1927. Practically
90% of the winter wheat crop is harvested in the
three sections above enumerated. The Department
of Agriculture declares that in 'Ohio, Indiana, Illinois and Kentucky roughly two-thirds of the acreage sown has been abandoned. As to the entire
country, the heavy abandonment of winter wheat
acreage will tend to increase the planting of other
crops.
There has likewise been some loss as to acreage for ,rye, and the May 1 condition of 73.6% of normal is not only 5.7 points below the April 1 condition this year, but compares with a condition of
88.3% of normal on May 1 1927 for the crop harvested last year, a decline this year of 14.7 points.
The ten-year average condition of the rye crop for
May 1 is 88%. The indicated yield this year is
placed at 11.1 bushels per acre, muchtelow the harvest of the past ten years. The total rye crop for
this year is indicated as 39,368,000 bushels, which
compares with a five-year average yield of 54,873,000 bushels. The average condition of pasture and
of hay is also reported as unusually low this year.
Stock markets in European centers continued to
show a rising tendency during most of the week,
with speculation still running its course in many
departments. "American buying" is apparently influencing the movements to a substantial extent,
both in actual fact and as a catchword to stimulate the native speculators when interest wanes or
caution is urged. On the London Stock Exchange
trading has been heavy on all days, with sudden
and spectacular upswings in individual shares.
Gramaphone and artificial silk shares were among
the leaders in the early trading, but waned somewhat in interest later on. Wireless and cable shares
were taken up next and after a period of unsettlement the lead was taken by tobacco and Swedish
match issues. African mines also showed increasing activity. British rails were irregular for the
most part, while the gilt-edged shares varied but
little.
Shares on the Paris Bourse advanced more temperately this week than in previous trading. Until
the end of last week trading in Paris was featured
by buying orders which often exceeded the market's
possibilities. Prices advanced sweepingly after the
French elections on the curious theory that stabilization of the franc, which is now regarded as a matter of the near future, would make stocks worth five
times more than before such stabilization. Buying
from abroad, particularly from America, was be.
2864
FINANCIAL CHRONICLE
lieved to be a material aid to the upward movement.
But it appeared that reasons for buying were no
longer necessary late last week. "People now seem
to be buying securities merely because prices are rising and without any serious reasoning," a Paris
dispatch of May 4 to the New York "Times" said.
The activity continued the early part of the present
week with banks, oil shares and industrial issues in
good demand. Restrictions were applied to trading
Tuesday to permit brokers to catch up with the
rush of orders, and Wednesday was a holiday in
Paris. Orders piled up meanwhile and when the
market opened Thursday the trading was resumed
at a furious pace. Profit-taking began to make itself felt, however, and there was more irregularity
than for some time before.
Trading on the Berlin Boerse was more hesitant
and uncertain than on the other exchanges, high
money rates having restrained the speculative fever
and kept it within reasonable bounds. Germany
also is much nearer the Balkans and unpleasant
reports from Rumania caused uneasiness. The
movements were irregular, but, as in other markets,
speculators managed to converge interest on certain
stocks, which consequently rose spectacularly. "Foreign demand" was sufficient Tuesday to cause violent rises in artificial silk and electrical issues and
operations in these shares continued even though the
market as a whole displayed uneasiness under the
influence of mid-month liquidation. Uncertainty as
to the coming elections in Germany also was a restraining factor. The cue for the speculative activities in Europe was undoubtedly taken from the
New York stock market and the contagion has apparently spread all over the Continent. Spanish
markets also are beginning to feel the effects of
the movement. A Madrid dispatch of Wednesday to
the New York "Times" said: "The present animation of the Stock Exchange here surpasses anything
known in many years. Nearly all securities are rising, with banks, industries and railways striving
equally to augment their stocks on the Exchange."
Difficulties of an exceptionally grave nature have
arisen between China and Japan as the result of
clashes between Chinese Nationalist troops and the
Japanese forces which are guarding the railway in
Shantung Province. The trouble hinges upon the
resumption by the Southerners a month ago of active military operations in the civil war with the
Ankouchun, or Alliance of Northern War Lords.
The Northern forces were reported overwhelmingly defeated early last week in an engagement just
south of Tsinanfu, capital of Shantung Province
and railhead of the Japanese controlled Shantung
Railway. Several thousand Japanese troops were
promptly landed at the seaport of Tsingtao from
whence they were dispatched inland to prevent destruction of the road. Tsinan was reached by the
Chinese Nationalists under Generals Chiang Kaishek and Feng Yu-hsiang in the first days of May
and disputes with the Japanese began immediately.
The first reports of May 3 indicated that fighting
had taken place in which a hundred Japanese had
been killed, but subsequent dispatches reported that
the Japanese casualties were only about a score, although the number of Chinese killed was estimated
at several hundreds.
The developments thereafter followed with alarming rapidity. Both diplomatic and military repre-
[VoL. 126.
sentations were made on both sides, but these were
apparently of little avail as a pitched battle was
reported May 4 between the Japanese defenders of
Tsinanfu and the incoming Nationalist troops. The
Japanese losses were reported from Tokio as five
men killed and three officers and fifty men wounded. The Chinese casualties remain unknown. The
fighting centered around the Japanese quarter in
Tsinan and, as is customary in such outbreaks, each
side blamed the other for the hostilities. The Japanese officials, however, maintained a commendably
calm and conciliatory attitude. Premier Tanaka,
when discussing the incident in the Tokio Diet,
treated it as an outbreak of undisciplined troops
and said that it would not affect Sino-Japanese relations. It was made plain at the same time that
the Japanese military forces in Tsinan would be
augmented from 3,000 to 8,000 troops with additional men stationed along the railway to keep it open.
Americans in Tsinan were said to number eight, including Consul Stanton, about to transfer to Canton, and his successor, Consul Price. Tsingtao and
the tip of Shantung Peninsula were declared neutral zones by the Japanese commander there and
both Chinese factions notified that no fighting
would be tolerated.
The two versions of the Tsinanfu incident of May
3 were summarized in a Shanghai dispatch of May
4 from Thomas F. Millard to the New York "Herald
Tribune." The Chinese Nationalists claim, this dispatch said, "that Japanese troops stopped members
of the Nationalist propaganda section who were
posting placards warning the people to preserve order and that when some tried to escape Japanese
troops fired, killing several, whereupon some Chinese troops joined in the affray and firing became
general and continued for some time until officers
got control." The Japanese version given out from
Tokio was "that Chinese agitators, with whom were
mingled roaming soldiers, tried to force their way
into the section of the city barricaded for the protection of the Japanese civilian residents, thereby
forcing strong action to prevent the mob from rushing in." The most precise report of the occurrence
was contained in a telegram to the State Department from Consul Ernest B. Price which was given
out in Washington last Saturday. This indicated
that the first clash between the Chinese and Japanese occurred early May 3 with fighting therafter
until early May 4. The precise cause was said to
be unknown. Efforts were made by the Consulate
to persuade both sides to cease firing, but "each
side claimed that while strict orders had been issued
to that effect, the other side continued firing." The
Nationalist troops eventually were withdrawn some
distance beyond the borders of the foreign settlement. All American lives and property were reported safe.
Huang Fu, Foreign Minister of the Nanking Nationalist Government, sent a long protest on May
5 to Premier Tanaka of Japan, demanding that
strong orders be given for the peaceful conduct of
Japanese troops and for their withdrawal. In the
future all differences should be settled diplomatically, the note said. The Peking Government added
its protest to Nanking's, Marshal Chang Tso-lin, the
Northern Dictator, notifying Mr. Yoshisawa, the
Japanese Minister at Peking, that Japanese troops
must withdraw from Chinese territory. Moderate
views of the incident were taken by the press in
MAY 12 1928.]
FINANCIAL CHRONICLE
both China and Japan. Tokio papers in particular,
Associated Press dispatches said, were inclined to
blame their own Government for a policy which they
considered was largely responsible for the outbreak
at Tsinanfu. They expressed the belief, a Tokio report of May 4 said, "that the disturbances were part
of a pre-arranged plot to discredit General Chiang
Kai-shek, the Nationalist Commander-in-Chief, by
incidents similar to the Nanking affair of last
year."
The hostilities at Tsinanfu between the Japanese
regulars and the Nationalist troops of China were
deliberately renewed early Tuesday after General
Fukada, Commander of the Japanese forces, had
served an ultimatum on the Chinese leaders. The
ultimatum stated, according to a Tsingtao dispatch
from Hallett Abend, special correspondent of the
New York "Times," that three steps must be taken
by the Natinnalist Generals. The first demand was
for drastic punishment of the commander of Chinese
troops guilty of atrocities on May 3 and 4. The second was for complete disarmament of troops implicated in the outrages and the third was for immediate cessation of warlike acts and war preparations against the Japanese and of anti-Japanese
propaganda. The Chinese replied to the ultimatum,
the correspondent said, by opening hostilities at
the time of expiration. A struggle resulted that was
said to be even more severe than the fighting in the
previous incident, the casualties on the Japanese
side being estimated in the necessarily vague dispatches at between twenty and thirty, while Chinese killed and wounded were again unknown, although estimated at several hundreds. The renewal
of hostilities created a practical state of war between Japan and Southern China, although neither
side declared a suspension of friendly relations. Tokio reports said that Japan is sending an additional
army division of 18,000 men to China, which would
bring the total Japanese forces in Shantung Province to approximately 30,000. Subsequent reports
from Tsing-tao declared that the fighting was continuing, the Japanese bombarding the city of Tsinan
and disarming the Nationalist troops wherever possible. The majority of the Americans withdrew to
Tsingtao, but American Consuls Price and Stanton
remained.
The principal development Wednesday was the
dispatch by Chang Tso-lin, head of the Northern
Government at Peking, of what was described as a
"remarkable telegram" to all the leaders of Chinese factions. The Northern Dictator appealed for
unity and for the cessation of civil war, which, he
said, is tending not only to destroy China itself,
but impairs her relations with foreign powers. The
telegram was interpreted by observers in Peking as
tantamount to a proposal of an armistice. It was
also considered an indirect response to Southern appeals for a united front against the Japanese. Orders were issued at the same time, it was said, for
the Northern troops to cease hostilities. Premier
Tanaka, meanwhile, issued an official statement to
the Tokio press in which the pacific intentions of the
Japanese Government were again affirmed, and the
promise repeated that Japanese troops will be withdrawn from Shantung when their presence is no
longer necessary for the protection of foreigners.
2865
ment of national policy, were apparently mostly informal during the past week. Dispatches from Paris
dated May 4 revealed that a suggestion had been
made by the British Government for a conference
of jurists to consider the terminology of the draft
treaty, but the suggestion did not meet with a favorable response from the United States Government. It has therefore been decided, said Edwin
L. James, Paris correspondent of the New York
"Times," officially to exchange views regarding the
wording of the treaty, to be carried on through diplomatic channels. "Unofficially," he added, "the
members of the League of Nations concerned will
consult through their jurists regarding the effect
of the Kellogg proposal on existing commitments,
and the net result of the unwillingness of the State
Department to accept the European suggestion will
be the holding of a jurists' consultation in the absence of the Americans." Washington reports of
last Saturday stated that no formal proposal of the
nature indicated had been received by the State Department. "The feeling here," a Washington dispatch to the New York "Herald Tribune" said, "is
that the chancelleries of the various Governments
are capable of handling the treaty proposal without
reference to any group of jurists. Meanwhile, the
American Government takes the position of standing part on the Kellogg proposal for renounciiig war
as an instrument of national policy."
Acceptance "in principle" of the Kellogg proposal
for a multilateral anti-war treaty by Germany on
April 27 was made the occasion in Heidelberg last
Saturday for mutually congratulatory remarks by
Dr. Jacob Gould Schurman, the American Ambassador to Germany, and Dr. Gustav Stresemann, the
German Foreign Minister. An honorary degree was
conferred on Dr. Schurman by the University of
Heidelberg and in expressing his appreciation, the
American Ambassador extended his remarks to the
subject of the cordial relations now existing between
the United States and Germany. He touched also
on the anti-war treaty negotiations, saying: "During the three years in which I have been in Germany
I have been constantly impressed with the similarity of the fundamental international ideals of the
two Governments and peoples of the two countries.
Now the identity of their attitude on the great question of outlawing war is a further confirmation of
this international fellowship. Germany and the
United States are marching forward in a great and
noble adventure in the cause of human civilization. I earnestly hope, I confidently expect, that all
other nations of the world will join them in this
glorious procession."
These remarks aroused instant resentment
throughout France, the semi-official Paris "Temps"
joining all other journals in severely criticising the
declarations of the American Ambassador as to Germany and the United States taking the lead in the
movement for peace. It was pointed out on every
hand that the negotiations originated with Foreign
Minister Briand's suggestion to Washington last
June for a "Pact of Perpetual Friendship" between
the two Republics. Moreover, it was declared likely that Premier Poincare would answer Dr. Schurman in a speech on a suitable occasion. Washington dispatches on Monday, however, made it clear
that Dr. Schurman's speech had not been submitted
International discussions concerning the proposed to the State Department in advance and therefore
multilateral treaty renouncing war as an instru- could not be taken as an expression of the official
2866
FINANCIAL CHRONICLE
American attitude. "The inclination at the Department seemed to be a desire to forget the matter as
quickly as possible," a report to the New York
"Herald Tribune" said.
A third official reply to the Kellogg proposal was
received by the State Department in Washington
Wednesday from Benito Mussolini, Premier of Italy.
The note, dated May 5, welcomed with the lively
sympathy of Italy the initiative of the American
Secretary and offered the willing collaboration of
the Italian Government in reaching an agreement.
Distinct reference was made, however, to the suggested conference of jurists. "Your excellency is
aware," the note said, "of the fact that there is under consideration the proposal for a preliminary
meeting of the legal experts of the powers whose
direct interest in the proposed treaty has been enlisted. The royal government has adhered to this
procedure, but has clearly pointed out that in its
opinion such a meeting can only be effective if the
participation of a legal expert of the Government of
the United States is assured. In accordance with
this order of ideas I beg your excellency to communicate to Mr. Kellogg the lively desire of the royal
government that the participation of the United
States in the preliminary meeting mentioned above
be not lacking." The note was interpreted by the
State 15epartment, dispatches said, as constituting
an acceptance of the idea that renunciation of war
as an instrument of national policy was to be desired.
Statements in the British House of Commons
Thursday were interpreted generally as indicating
a favorable attitude on the part of the British Government toward the Kellogg proposal. A debate on
the matter was initiated by Ramsay MacDonald,
leader of the Labor Party and former Prime Minister. Mr. MacDonald asked the Conservative Government to accept the Kellogg draft treaty in order
to end a "mutually critical" attitude of British and
American public opinion. Sir Austen Chamberlain,
the Foreign Secretary, replied that the Government
warmly welcomes the initiative by the United
States. "We not only warmly welcome it, but we are
hopeful it will be concluded successfully and make
a real contribution to world peace," he added. The
Foreign Secretary indicated further that the British .reply to the American proposal "will be to the
effect that we desire to co-operate in the conclusion
of the proposed treaty and to engage with interested
Governments in the negotiations required for that
purpose."
Keen interest was taken by British financial and
industrial circles late last week in the terms of the
new currency and hank notes bill which is to be
introduced in the House of Commons in accordance
with the promise previously made by Chancellor
Winston Churchill. The bill deals with the amalgamation of the present note issues. Under it, the
Bank of England is empowered to issue notes beyond the amount covered by gold to the extent of
£260,000,000, the excess to be covered by silver coin
up to £5,500,000, but chiefly by securities. The present fiduciary issues in circulation amount to an
excess of about £233,452,000, but it is pointed out
that peak demand for currency last December carried the total then in circulation to an excess of over
£263,000,000, or more than £3,000,000 over the maximum proposed in the new currency bill. The bill
[VOL. 126.
provides, however, for emergency expansion of the
fiduciary issues beyond the £260,000,000 limit for
short periods on the request of the Bank of England.
Powerful interests are declared to be in opposition
to the bill and an interesting debate in the House of
Commons is expected.
A demand for the devoted support of the Chamber of Deputies in the work of financial rehabilitation of France and for the relinquishment of party
politics until this work is accomplished was voiced
by Premier and Finance Minister Poincare in a
speech at Bar-le-Duc, Monday. The French statesman expressed gratification over the results of the
elections of April 22 and 29 which seated a membership in the lower house that is definitely in favor
of the policies that he has consistently followed
since 1926. He warned, however, that fiscal dangers are not yet over and asserted that "prudence
was never more needed than to-day in economic and
financial problems." A compact and permanent majority must be formed in the new Chamber which
will sacrifice all other considerations for the final
stabilization of the French monetary system, he declared. Governmental wastefulness and profligacy
would cause a budgetary deficit, he said, and then
"not only will any monetary reform become useless.
but we shall lose the benefit of what we have accomplished." French banking circles, according to
a Paris dispatch of May 4 to the New York "Times,"
are of the opinion that M. Poincare cannot postpone
legal stabilization of the franc later than July. The
Bank of France was said to be extremely desirous
of effecting stabilization at the earliest possible
date.
A treaty of conciliation and arbitration between
Germany and the United States was signed at the
State Department in Washington, last Saturday.
by Secretary of State Frank B. Kellogg and the
German Ambassador, Dr. Friedrich Wilhelm von
Prittwitz-Gaffron. Signature of this treaty marks
the conclusion of the third in a series which is expected ultimately to number more than twenty. The
first of these compacts was signed on February 6
between France and the United States. It provided
that all disputes which cannot be settled by ordinary methods of diplomacy, shall be submitted to
arbitration. A number of questions was specifically exempted from arbitration, notably those pertaining to disputes affecting national honor, the
Monroe Doctrine, obligations under the covenant of
the League of Nations and questions affecting a
third party. A similar convention was signed between Italy and the United States April 19 and both
the ltalo-American and the German-American arbitration treaties were understood to have followed
the text used in the first treaty between France
and the United States. The conclusion of the treaty
between Germany and the United States last Saturday was looked upon as an important step in international amity, as no treaty of this kind had previously existed between the two Governments.
Official return to a free gold market was instituted in Norway May 1, confirming the rumors of
this action which have been current since 1925.
Such rumors were premature, the London Economist pointed out in a. recent issue, but they nevertheless had a profound effect on the economic life
MAY 12 1928.]
FINANCIAL CHRONICLE
of the country. The fact that they were widely believed caused a rapid reduction in the price level
and this resulted in considerable unsettlement industrially. The Kroner rose rapidly, of course,
when measured by foreign currencies, as the natural offset to the decline of domestic prices. But
unemployment rose from 11.9 to 23.7% by the end
of 1925 and hovered around 25% during all of 1926.
The adjustment of prices to the world level remained
incomplete and during last year a further fall of
10% was recorded, the Kroner improving slowly.
Unemployment also increased further, the figure
reaching 28% by the end of the year. The adjustment of prices is not yet complete, the level remaining, it is said, at about 10% above the world level.
But the removal of uncertainty regarding the resumption of gold payments will probably hasten the
final adjustment and pave the way for a revival in
Norwegian trade and a decline in unemployment.
2867
bearing Rumania little good will." The Peasants'
Congress was merely an episode in the Opposition
fight against the Government which, nevertheless,
enjoyed the confidence of the people, he added.
M. Duca, a Minister in the Bratianu Government,
dismissed the peasant movement as of no importance
in an interview with newspaper men. "When I
heard from foreign countries that a revolution existed in Rumania, I could not but laugh," he said.
"I know my country and its peaceful, hard-working
population. There are no actual big social problems
in the whole land—only an oppositional political
group which is impatiently itching for power. Alba
Julia was only a big meeting—nothing else. The
Government has no idea but to continue its work of
reconstruction." The Government, nevertheless,
clapped on the customary drastic censorship and
promptly deported one correspondent who sent dispatches which it disliked.
Reports from Alba Julia, dated Monday, gave a
Disturbed conditions in Rumania have again confused view of the situation there. The peasants
given rise, as so frequently in the past, to factional dispersed to their homes for the most part,
but a
activities which threaten the peace of the country. few appear to have attempted a march on Bucharest.
Dr. Julius Maniu, leader of the powerful Peasants' Adverse weather and the necessity for crop cultivaParty, announced about two weeks ago that a meet- tion finally caused abandonment of the attempt.
ing would be held at Alba Julia, the old Transyl- The party leaders proceeded to the capital, however,
vanian capital, to consider means of ousting the and were reported to have presented an ultimatum
"Liberal" Government of Premier Vintila Bratianu. to the Bratianu Cabinet. M. Maniu was quoted,
The meeting was scheduled for last Monday and according to a Berlin dispatch to the New York
peasants from all the territory surrounding Alba "Her aid Tribune" as saying: "The next step in
the
Julia flocked by thousands into the Transylvania struggle against the Bratianu regime will
be a recity to attend and to voice their opposition to the frp al by the Transylvanian farmers to pay taxes.
Government. Afoot and in wagons, in railway Further, passive resistance will be adopted
by all
trains and automobiles, they made their way to that the municipal administrations in which
the Peascenter in a "political pilgrimage" for which the his- ants' Party holds a majority." Prince
Carol of
tory of Rumania affords no parallel. The peasants, Rumania, who renounced the throne
some years
a Bucharest dispatch of May 4 to the New York ago, was in England during all this
time and it was
"Times" said, "are in an especially bitter frame of believed for some days that he was
engaged in an
mind. In addition to the political wrongs which attempt to regain the throne which
is now held by
they feel they have long suffered at the hands of the his son, Michael. These reports
were discredited.
Bratianu dynasty, they are particularly aggrieved Moreover, it was made plain by
the leaders of the
because the Government refused to raise martial law Peasants' Party that Carol was
not even mentioned
in Transylvania, as they had requested. Instead, in their deliberations.
the Government has placed heavy military detachments throughout the city of Alba Julia and on the
The healthy condition of Turkey's finances was
roads leading there."
emphasized, and the financial reforms and progress
When daylight broke Monday, it revealed tens of achieved in the few
years of the Republican regime
thousands of white-clad peasants, "scattered like reviewed, in a
budget speech delivered in Angora
sleeping ghosts all over the city." The peasants still April 18 by the Finance
Minister, Sarajoglu Shukry
were trudging into Alba Julia and every road was Bey. The Angora Government,
despite great diffiimpassable with humanity. Ten thousand soldiers culties, has consistently
refrained from increasing
were deployed by the Government in and around the its fiduciary circulation, according
to a special discity, but the peasants were peaceful and their pres- patch from Constantinople the New York "Times."
to
ence to keep order was not necessary. Maniu ad- Foreign loans were rigidly avoided, and in consedressed the peasants in the public , square in the quence it was more than once predicted in Europe
morning, but only a comparative handful could get that the Turkish Republic would come to the verge
near enough to hear his remarks. A huge parade of bankruptcy. The difficulties were all overcome,
was organized and the peasants marched past the however, without resort to inflationary measures or
reviewing stands with bands playing and flags fly- to borrowing, and the efforts of the Administration
ing, cheering their idol. Executive sessions of dele- have resulted in a very promising budget. The most
gates were held thereafter and resolutions adopted striking feature of this official statement, the
condemning the Government and calling upon it to "Times" dispatch indicated, is the increase in the
resign. It was resolved also that the peasants form annual revenue. For the first ten months of the
in three columns to march to Bucharest and enforce fiscal year 1927-1928 these amounted to $83,594,503,
their demands. Resentment was expressed against which "would presage a total for the year of over
the attempts of the Bratianu regime to negotiate $100,000,000, or an excess of almost $3,000,000 over
large foreign loans.
the anticipated sum." The Government, moreover,
Premier Bratianu in Bucharest minimized the expects to shoulder all responsibilities of the old
meeting, saying that it "hardly justified the im- Ottoman Empire and provision is made in the budget
portance attributed to it by certain foreign circles for resumption of payments to foreign and native
2868
FINANCIAL CHRONICLE
bondholders of the old obligations. "As soon as an
agreement results from the protracted negotiations
now drawing to a close payments will begin," it was
said.
The Finance Minister made it clear in his speech
that the sanguine report was not due to any increase
in taxation, but to the economic progress of the
country and to the more efficient and systematic
collection of taxes. He explained that Turkey, while
abstaining from foreign loans, had not only been
able to balance its budget, but was devoting sums
to public works, education and other needs far
greater than those alloted for these purposes by the
defunct Ottoman Sultanate. The old Empire never
old Empire spent only 2% of its revenue on public
works, whereas the Republic will dispense for railways, improved communications in Anatolia and
for public benefits during the next year about
$26,500,000, or about 25% of the total revenue. The
old Empire spent only 2% of its revenue on public
instruction, while Angora to-day is spending about
12/
1
2%. The national defense item amounts to about
24% of the revenue, the Finance Minister said. He
also stressed the need for a State Bank, for which
funds are being accumulated. A $500,000 Government gold reserve is to be used for this purpose and
this sum will be augmented by the sale of those
Turkish state jewels which have no historic interest.
Funds are also accruing from the replacement of
the old Ottoman paper currency by the new republican issue which was put out last December. The
Republican Treasury expects to realize a net profit
on this transaction of between $10,000,000 and
$15,000,000, which will be Applied as a nucleus for
the new State Bank. This currency replacement is
also expected to relieve the present stringency in the
money market and to help trade generally.
There have been no changes this week in discount
rates by any of the central banks of Europe. Rates
continue at 7% in Germany;6% in Italy and Austria;
53/2% in Norway;5% in Denmark and Madrid;432%
in London, Belgium and Holland, 4% in Sweden and
332% in France and Switzerland. In London open
market discounts are 3%@4% for short and 4% for
long bills, against 37A for short and 3 15-16@4%
for long on Friday of last week. Money on call in
London was 348% on Wednesday, but was 3M%
yesterday. At Paris, open market discounts continue at 2%%, and in Switzerland at 3 5-16%.
[VoL. 126.
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1924.
1925.
1928.
1927.
1926.
May 10.
May 14.
May 13.
May 11.
Map 12.
Circulation
6135,218,000
Public deposits
13,074,000
Other deposits
100,782,000
Gov't securities_ - 29,457,000
Other securities
55,696,000
Reserve notes & coin 46,437,000
Coln and bullion__2161,905,405
Proportion of reserve
to liabilities
40.79%
Bank rate
434%
136,169,645
12,759.974
102,094,453
47,824,229
47,220,123
37,539,033
135,958,678
141.651,590
21,264,451
102,150,784
46,130,328
68,671,750
26,360,713
148,262,303
147,606,235
17,425,543
102,159,081
33,302,144
78,331,998
25,760,629
153,616,864
124,541,525
17,359,039
102,440,759
41,522,755
72,589,177
23,391,267
128,182,792
32.70%
43.4%
21.35%
5%
213.4%
5%
1934%
4%
• Insludes, beginning with April 29 1925, £27,000.000 gold coin and bullion
Previously held as security for currency notes issued and which was transferred to the
Bank of England on the British Government's decision to return to the gold standard.
b Beginning with the statement for April 29 1925 includes £27,000,000 of Bank
of England notes issued In return for the same amount of gold coin and bullion
held up to that time in redemption account of currency note issue.
In its report as of May 9, the Bank of, France
showed an increase in note circulation of 264,230,000
francs raising the total of that item to 60,384,526,900
francs against 52,616,959,965 francs last year and
52,643,172,795 francs in 1926. All gold holdings
remained unchanged. Bills discounted decreased
842,153,000 francs, treasury deposits 4,441,000 francs,
general deposits 140,259,000 francs and advances to
the State 400,000,000 francs. Silver rose 4,000 francs,
trade advances 76,806,000 francs and divers assets
31,275,000 francs. A comparison of the various
items of the Bank's return for the past 3'years is
furnished below:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Changes
for Week.
Gold Holdings—Francs.
In France
Unchanged
Abroad—available
Unchanged
Abroad—non-avail Unchanged
Total
Unchanged
Silver
Inc.
4,000
Bills discounted__ _Dec.842,153,000
Trade advances__ _Inc. 76,806,000
Note circulation- _ Inc. 264,230,000
Treasury deposits_Dec. 4,441,000
General deposits_ _Dec. 140,259,000
Advances to State_Dec. 400,000,000
Divers assets
Inc. 31,275,000
Status as of
May 9 1928.
May 11 1927. May 12 1926.
Francs.
Francs.
Francs.
3,678,540,943 3,683,507,441 3,684,128,987
462,771,478k 1,864,326,907 1,864,320,907
1,401,549,4291
5,542,861,850
342,947,617
1.868,521,426
1,790,568,290
60,384,526,900
31,386,581
8,893,721,779
23,500,000,000
28,342,148,132
5,547,828,349 5,548,449,895
333,983,191
342,436,061
1.934,955,523 4,432,810,152
1,673,869,349 2,475,908,953
52,616,959,965 52,643,172,795
43,035,017
2,582,870
9,156,492,636 2,553,211,000
28,900,000,000 34,850,000,000
18,073.512,126 3,580,681,101
In its statement for the first week of May,the Bank
of Germany showed a decrease in note circulation of
170,523,000 marks, reducing the total of that item
to 4,238,937,000 marks against 3,503,967,000 marks
last year and 3,941,366,000 marks in 1926. Other
daily maturing obligations declined 97,339,000 marks
and other liabilities 3,784,000 marks. On the asset
side gold and bullion decreased 37,000 marks, bills
of exchange and checks 212,208,000 marks, silver and
other coin 3,846,000 marks, advances 63,529 marks
and other assets 30,813,000 marks. Deposits abroad
remained unchanged. Reserve in foreign currency
rose 29,805,000 marks, notes on other German banks
8,977,000 marks and investments 5,000 marks.
Below we furnish a comparison of the various items of
the Bank's return for 3,;years past:
The Bank of England, in its latest weekly statement, reports another and much larger gain in gold,
namely £1,174,991; this gain in bullion, together
with the decline of notes in circulation of £538,000 has
REICHSBANICS COMPARATIVE STATEMENT.
Changesfor
caused an addition to the reserve of gold and notes in
Week.
May 8 1928. May 7 1927. Map 7 1926.
the banking department of £1,713,000. Due to the
Retchanarks
Reichsmark: Reichsmark: Reichemarks
Gold and bullion
Dec.
37,000 2,040,894,000 1,849,778,000 1.941,543,000
large additions to its gold holding, the Bank's ratio Of
which depos.abed. Unchanged
85,626,000 101,249,000 260.386,000
of reserve to liabilities is now at its highest point for Reerve in for'n curr—Inc. 29.805,000 197,542,000 127,005,000 847,670,000
exch.& checks Dec. 212,208,000 2,281,666,000 1,931,381,000 1,219,839,000
Bills
of
several years,the ratio having risen from 38.87% last Silver and other coin_ _Dec. 3,848,000 66,929,000 101,920,000 94,665,000
on oth.Ger.bks_ Inc. 8,977,000
17,634,000
19,829,000
week to 40.82% now. Public deposits decrease Notes
15,897,000
Advanced
Dec. 63,529,000
39,246,000
6,778,000
27,119,000
£605,000 and "other" deposits, £628,000. Loans on Investments
Inc.
5,000
94,004,000
89,022,000
92,851,000
Dec.
assets
Other
30.813,000
558.081,000
835,687,000
484,973,000
Government securities dropped £1,928,000 and loans LfgbUUies—
Notes in circulation Dec. 170,523,000 4,238.937,000 3,503,967,000 3,941,366,000
on other securities, £1,002,000. The Bank's gold Oth.dally
matur.oblig.Deo. 97,339,000 460.549,000 572,014,000 622,087,000
record
figure,
£161,905,405.
a
holdings are now at
Dee. 3.784,000 189.517,000 188,742,000 181,707.000
Other liabilities
Notes in circulation aggregate £135,218,000 against
The tone of the New York money market has been
£136,169,645 for the corresponding period in 1927.
The official discount rate remains unchanged at firm throughout the week with call funds fluctuating
432%. Below we furnish comparisons of the various between 5% and 6%. The demand for money was
brisk at the beginning of the week and the opening
items of the Bank of England report for five years.
MAY 12 1928.]
FINANCIAL CHRONICLE
2869
OF FEDERAL RESERVE BANKS ON ALL CLASSES
rate of 5% Monday was quickly advanced to 53/2% DISCOUNT RATES
AND MATURITIES OF ELIGIBLE PAPER.
and to 6% Tuesday. The maximum figure atBate in Effect
Date
Previous
Federal Reserve Bank.
on May 11
tracted a heavy flow of outside funds and a slight
Established.
Rate.
431
A.20 1928
4
easing was noted as the week progressed. An outside Boston
New York
4
Feb. 3 1928
314
4
Feb. 16 1928
314
market was established Wednesday and by Thurs- Philadelphia
Cleveland
4
Mar. 1 1928
314
434
Apr. 24 1928
4
day street funds were offered at M% concession from Richmond
Atlanta
4
Feb. 11 1928
334
Chicago
Apr. 20 1928
4
414
the rate on the Stock Exchange. The banks appeared St.
Louis
434
Apr. 23 1928
4
434
Apr. 25 1928
4
to be short of ready funds early in the week, as with- Minneapolis
Kansas City
4
Feb. 10 1928
334
Dallas
434
May 7 1928
4
drawals were heavy. Some $15,000,000 were called San
4
Francisco
Feb. 4 1928
314
Monday, $25,000,000 Tuesday and an additional
Sterling exchange has been irregular this week,
$25,000,000 Wednesday. Time loans firmed up
again after slight easiness late last week. Brokers' fluctuating more than usual, and in demand on only
loans against stock and bond collateral again in- a few occasions. The slight weakening at times has
creased substantially according to the statement of been due more largely to absolutely dull trading than
the Federal Reserve Bank of New York issued Thurs- to any form of pressure. The range this week has
4for bankers' sight, comday. The increase for the week was $79,451,000, been from 4.87 9-16 to 4.877
which carried the total to a new high record in all pared with a range of 4.87 7-16 to 4.87 13-16 last
time. At the same time the credit basis has narrowed week. The range for cable transfers has been from
Gold exports for the week as announced by the Fed- 4.87 15-16 to 4.88 7-32, compared with 4.87 13-16 to
4.88 3-16 a week ago. The higher quotations seemed
eral Reserve Bank having been $37,033,000.
Dealing in detail with the rates from day to day to prevail whenever there was the slightest sign of
the renewal rate for call loans on Monday was 5% activity in the market. One of the reasons given for
but after renewals had been effected the rate advanced the occasional ease in rates is the transfer of considto 5
On Tuesday the renewal rate was marked erable funds from London and from some other Euroup to 53/2%, and new loans were negotiated at 6%. pean centers through London to take advantage of
On Wednesday the renewal rate was advanced to the demand for money and the high rates prevailing
6% and all other loans were at the same figure. On in New York. Apprehension regarding the probable
Thursday the renewal rate was again 6%, but some action of.the New York Federal Reserve Bank on its
new loans were put through at 532%. On Friday all rediscount rate has been another factor of weakness.
loans were at 532% including renewals. For time However, there is a growing weight of opinion to the
loans the quotation is again firmly held at 5% for all effect that the New York bank may not increase its
maturities from 30 days to six months, though in rediscount rate from 4% for this summer, although
the early days of the week the quotation was still the outside reserve banks may continue at 4
4%%@5%. In the case of commercial paper the Six of the Federal Reserve banks are now on a 43/2%
prevailing rate for four to six months' names of rediscount basis. One reason assigned for the sudden
choice character is 43/2%. The bulk of the business doubt with respect to the possibility of an increase in
is being done at that figure, with only very exceptional the New York rediscount rate is that the action might
names selling as low as 414%. For names less well be harmful to the United States Treasury refunding
known the quotations remain at 43
4%. For New program. Nevertheless, New York developments will
England mill paper the quotation is 43/2%@4 %. be closely watched in London, as American money
In the market for banks and bankers acceptances rates will largely regulate the position of sterling, even
the posted rate of the American Acceptance Council at the leading Continental centers. The note amalfor call loans against acceptances was advanced on gamation scheme remains as it was a week ago. No
Thursday from 43'1.70 to 4
The posted rates of date has been fixed for carrying out the plan. The
the Acceptance Council for prime bankers' accept- question of mere physical arrangements alone necessiances eligible for purchase by the Federal Reserve tated by the substitution of £1 and 10 shillings Bank
banks remain unaltered, being still quoted at 33
4% of England notes for Treasury notes of the same valubid and 3/% asked for bills running 30 days, 4% ations, may delay the operation of the plan for several
bid and 37A% asked for bills running 60 days and months.
/
8% bid and 4% asked for 120
also for 90 days, 41
This week the Bank of England shows an increase
1 % bid and 4A% asked for 150 and 180 of £1,174,991 in its gold holdings. On Monday the
days and 4Y.
days. Open market rates likewise remain unchanged Bank released £500,000 in sovereigns set aside for the
as follows:
account of the Bank of South Africa. On Wednesday
SPOT DELIVERY.
—180 Days— —150 Days— —120 Days— the Bank released another £500,000 for the account
Bid.
Asked.
Bid.
Asked.
Bid.
Asked. of the Bank of South Africa and yesterday it sold
434
414
434
Prime eligible Mb414
434
4
—90 Days--- —60 Days-- —30Days— £11,000 in sovereigns for export to Holland. At the
Md.
Asked.
BM.
Asked.
Bid.
Asked. Port
of New York the gold movement for the week
4
4
Prime eligible bIlls
314
334
314
834
FOR DELIVERY WITHIN THIRTY DAYS.
3-9, as reported by the Federal Reserve Bank of
May
Eligible member banks
4 bid
$64,000, chiefly
=Obi on-member banks
Id New York, consisted of imports of
4
from Latin America, and exports of $37,033,000, of
One more Federal Reserve Bank has advanced it which $23,491,000 was shipped to France, $9,950,000
rate from 4% to 43/2%, the latest to take this action o Argentina, $2,000,000 to Italy, $1,007,000 to Co-being the Dallas Reserve Bank; the adoption by it
mbia, $400,000 to Venezuela, and $133,000 to
of the 43'% rate was announced May 5 and the new Mexico. The gold shipment to France was accounted
rate was made effective May 7. The 4M% rate is for here last week; $4,950,000 of the shipment to
now in force at six of the Reserve banks, viz., Boston, Argentina was also accounted for here last week.
Chicago, St. Louis, Richmond, Minneapolis and There was no Canadian movement of gold either to
Dallas. The following is the schedule of rates now or from the Port of New York. Canadian exchange
in effect for the various classes of paper at the dif- fluctuated this week between a discount of 1-32 of
ferent Reserve banks:
1% and a premium of 1-64 of 1%.
2870
FINANCIAL CHRONICLE
[VoL. 126.
Referring to day-to-day rates, sterling on Saturday sonal demand arising from the tourist expenditures
last was steady in a dull market. Bankers' sight was which have now begun. The demand for Italian lire
8@ continues rather active and, as during several weeks
4.87 11-16@4.87 25-32, cable transfers 4.883/
demand.
in
was
past, it is due to the transfer of funds for investment
sterling
4.88 5-32. On Monday
cable
13-16;
in
11-16@4.87
Italian shares and from immigrant remittances,
4.87
was
sight
Banker's
transfers 4.88 3-32@4.88 5-32. On Tuesday the and now, as in the case of most European countries,
market was inactive and inclined to go lower. Bank- from the increased demand occasioned by tourist
er's sight was 4.87 19-32@4.87%; cable transfers traffic. As stated above, the Federal Reserve Bank
4.87 15-16@4.88 1-16. On Wednesday the market of New York reports a shipment of $2,000,000 in gold
continued easy. The range was 4.87 9-16@4.87% to Italy this week. This makes a total of $14,000,000
for banker's sight and 4.87 15-16@4.88 3-32 for cable shipped to Italy by the Guaranty Trust Co. of New
transfers. On Thursday sterling was in demand. York since March 1. The rest of the leading ContiBanker's sight was 4.87 19-32@4.87%; cable trans- nental exchanges have been quiet, in fact, extremely
fers 4.88@4.88 5-32. On Friday the market was still dull.
The London check rate on Paris closed at 124.02
firmer with the range 4.87 11-16@4.87% for banker's
sight and 4.88 1-16@4.88 7-32 for cable transfers. on Friday of this week, against 124.02 on Friday of
Closing quotations yesterday were 4.87 13-16 for de- last week. In New York sight bills on the French
mand and 4.88 3-16 for cable transfers. Commercial center finished at 3.93 7-16, against 3.93 5-16 a
sight billsfinished at 4.87 11-16, 60-day bills at4.841/, week ago; cable transfers at 3.93 11-16, against
90-day bills at 4.82 5-16, documents for payment (60 3.93 9-16, and commercial sight bills at 3.93%,
days) at 4.843/i and 7-day grain bills at 4.87. Cotton pgainst 3.93 1-16. Antwerp belgas finished at 13.953/
for checks and at 13.963/2 for cable transfers, as
and grain for payment closed at 4.87 11-16.
against 13.953/ and 13.963/2 on Friday of last week.
special
of
no
features
Final quotations for Berlin marks were 23.91Y4. for
In the Continental exchanges
week.
The
this
outdisclosed
and at 23.923 for cable transfers, in comchecks
been
importance have
foreign
as
affect
with 23.913/2 and 23.923/2 a week earlier.
they
elections,
parison
come of the French
in
earlier
closed at 5.263
pages
discussed
lire
Italian
been
already
% for bankers' sight bills
exchange, has
as against 5.263
transfers,
%
under
cable
discussion
the
for
in
5.27
noted
at
and
already
As
issue.
of this
sterling, the Federal Reserve Bank of New York re- and 5.27 last week. Austrian schillings have not
/. Exchange on Czechoslovakia
ports a shipment of $23,491,000 in gold to France. changed from 141
This shipment and $24,000,000 more not yet ac- finished at 29615, against 2.9615; on Bucharest at
counted for by the Federal Reserve Bank was men- 0.619', against 0.62; on Poland at 11.20, against
tioned here last week. The Bank of France gold 11.20, and on Finland at 2.52, against 2.52. Greek
holdings continue to be disguised in its weekly state- exchange closed at 1.303 for checks and at 1.303
ment. The gold is reported this week as 5,542,800,- for cable transfers, against 1.30 and 1.30h a week
000 francs, unchanged for many weeks. Its sundry ago.
asset holdings, which include its foreign exchange,
In the exchanges on the countries neutral during
giving claims upon gold in New York and other centers, increased this week 31,275,000 francs to 28,342,- the war the outstanding feature of importance this
100,000 francs. Circulation item continues to mount week has been the rather wide fluctuation in Spanish
as a result of constantly increasing purchases of for- pesetas, due to speculative operations, but very little
eign exchange. This week it increased 264,230,000 attention was paid on this side to the movement in
francs to 60,384,500,000 francs. This compares with Spanish currency. The Scandinavian exchanges have
52,616,900,000 francs a year ago. There has been a been firm but dull. It is an interesting fact that the
heavy flow of funds to Paris recently, which has been Norwegian currency is now very close to the quotagoing on for some months, and has increased since tions for Sweden and Denmark. The improved posiPoincare's victory in the elections. Dutch, Swiss and tion of the Norwegian unit of course, arises as a result
German interests are buying French stocks and bonds of the carrying out of the plans for stabilization and
heavily and English buyers have entered the market return to the gold basis. Holland guilders are slightly
for the first time in a number of years. New York higher, but the market for guilders has been dull.
Bankers' sight on Amsterdam finished on Friday at
has also been sending a stream of orders to Paris.
against 40.32% on Friday of last week;
as
40.333',
far
so
New
York
compensated,
partly
is
flow
The
%,and comis concerned, by a return flow of French short-term cable transfers at 40.353', against 40.343
funds which have been lying idle in France. The mercial sight bills at 40.283', against 40.283.
% for bankers' sight
French banks are also investing in bills in London. Swiss francs closed, at 19.263
cable
for
in comparison
transfers,
at
and
bills
money
of
markets
19.273'
These transfers for the short-term
a
19.263/
week
and
Copenearlier.
with
in
by
for
most
cases
19.273
London and New York are paid
at
finished
and
checks
hagen
cable
transfers
Bank
of
France
the
from
26.823'
borrowing foreign exchange
at 26.833/2, against 26.81 and 26.82. Checks on
for short periods, now for a month.
German marks continue in demand. There was a Sweden closed at 26.823', and cable transfers at
considerable flow of funds from New York for invest- 26.833', against 26.823' and 26.833, while checks
ment in German shares, also from the proceeds of on Norway finished at 26.78 and cable transfers at
loans and to supply the short-term money markets 26.79, against 26.763.' and 26.773/2. Spanish pesetas
and commercial credits in Berlin. Demand for money closed at 16.77 for checks and at 16.78 for cable
in Berlin is almost at the highest point since the re- transfers, which compares with 16.64 and 16.65
form of the German currency. It is quite probable a week earlier.
that the shares of the German Reichsbank may be
The South American exchanges continue firm, allisted soon in New York. If they are, this will also
though
comparatively inactive. The reason for the
strengthen the demand for marks. Germany, like all
has been recounted here on numerous occafirmness
the European countries, is benefitting from the sea-
lay 12 1928.]
FINANCIAL CHRONICLE
2871
heavy although there were large withdrawals when the
yen started to rise in March. In March yen cables
touched 48.12, due partly to seasonal influences and
partly to a political situation which gave promise of
a return to the gold standard this year. The Chinese
silver exchanges were strong and in demand atthe highest levels of the year. The Chinese have been heavy
buyers of silver for a great many months and at times
of crisis like the present the Chinese demand for silver
increases as paper currencies are at a discount.
The demand for silver in India has helped to strengthen the price of the metal, although the Indian Government is exporting silver to China, which absorbs all
that is sent. It is understood that China pays for
the silver with Japanese yen in most transactions.
Closing quotations for yen checks yesterday were
46 9-16@46 5-8, against 46.95@,47 on Friday of
last week; Hong Kong closed at 509, against
50.40@50%;Shanghai at 653'@,65, against 64 9-16
@64%; Manila at 49 9-16, against 49 9-16; Singapore
The Far Eastern exchanges offer the most out- at 566@56%, against 506©56%; Bombay at
4, and Calcutta at 36% against
standing interest of all the foreign exchanges this 36%, against 363
4.
week, owing to the sharp drop in Japanese yen and 363
to the rise in the prices of the Chinese silver units.
Pursuant to the requirements of Section 522 of
Yen were heavily sold in the East and in London, as
well as in all other centers more or less closely the Tariff Act of 1922, the Federal Reserve Bank is
associated with Japanese business. The drop in the now certifying daily to the Secretary of the Treasyen originated of course, in the tense political ury the buying rate for cable transfers in the difsituation which has arisen over the fighting in ferent countries of the world. We give below a recShantung and the large scale military preparations ord for the week just past:
being made by Japan in connection therewith. A Formart =CHANG} HATES CERTIFIED BY FEDERAL RESERVIt
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
summary of the political and military events bearing
MAY 5 1928 TO MAY 11 1928. INCLUSIVE.
on Japanese exchange appears in the first part of
Rate for Cable Transfers to Nero Volt.
this issue. On Friday of last week the Japanese rate Country and Monetary! Noon Buying
Value in United States Money.
Unit.
closed at 47.05 for cable transfers, which represented
may o. may 1.1 May S. May 9. May 10. Hu 1.1
EUROPEof
28
decline
the
points
quotations
from
market
of
IS
$
$
a
8
$
8
Austria.sob Ming
140670 .140635 .140892 .140636 .140681 .14086'7
belga
139641 .139638 .139600 .139632 .139618 .139631
Thursday of last week. In Wednesday's market this Belgium.
Bulgaria, ley
007187 .007184 .007200 .007188 .007195 .0071815
krone 029823 .029621 .029621 .029623 .029624 .0298213
week yen showed a decline to 45.64 for cable trans- Csechoslovakia,
Denmark. krone
268205 .268195 .288173 .268177 .288193 .268223
pound starfers; then official support began and there was a England.
sterling
4 880923 4.880965 .880056 4.879573 .880227 .88180
Finland, markka
025168 .025180 .025175 .025177 .02.3185 .02518
recovery on Wednesday afternoon which continued France.
trans
039350 .039349 .039345 .039344 .039345 .03935
Germany,
relasmark.
.239214
.239195 .239203 .239214 .239202 .23921 1
into Thursday, when yen rallied to 46.75. Mean- Greece. drachma
.013052 .013053 .013059 .013049 .013047 .01305
Holland. guilder
.403433
.403402
.403325 .403341 .403369 .403483
while, owing to the depression in the unit the first Hungary. pengo
.174500 .174807 .174805 .174607 .174610 .17458,
Italy. lira
.052894
.052687
.052686
.052688 .052688 .05269;2
half of the week, the Chinese speculators, it is under- Norw.y. krone
.287711 .267746 .267731 .267748 .267770 .26783;
Poland, zloty
.112202 .112313 .112313 .112313 .112311 .1120815
stood, covered their short positions to a large extent. Portugal. eaeud0-- -- .042375 .042435 .042235 .042392 .042335 .042331
Rumania.Isu
.006205 .006201 .006200 .006195 .008184 .006171
Dealings in the New York market were comparatively Spain,
peter.
.168263 .166040 .168342 .167871 .187713 .168051
Sweden. krona
.268293 .268264 .268252 .268243 .268260 .268281
heavy, with little evidence of official operations. 8witzerland, franc__ .192713 .192715 .192717 .192716 .192718 .19272;
Yugoslavia. dinar__ .017600 .017599 .017598 .017597 .017601 .017591
a
ASIAMost of the official supporting orders were executed ChinaCbefeco
opinion
bud
Banking
on
the
London.
.657916
.661458
situation
.862500
is Hankow Mel
in
.870833 .669166 .666251
.651666 .658125 .860416 .669166 .665416 .662911
tael
.641785 .644732 .848214 .655000 .648035 .650891
divergent, but all are agreed that the Bank of Japan Sbangbal
Tientsin teal.675416 .879375 .680833 .889186 .689186 .881861
Hong dollar- .501428 .503035 .505000 .507500 .504553 .505171
policy in the matter will be a dominant factor, for the Hong
Mexican dollar_ _.
. .463250 .465250 .467250 .472000 .472750 .46850(
or Peiyang
bank and the Japanese Treasury have large quick Tientsin
dollar
462083 .483750 .485416 .470833 .475416 .487911
Yuan dollar
.458750 .460416 .462083 .487500 .472083 .484861
assets abroad, and if it is desired to support the India.
rupee
.365662 .365675 .365471 .36.5500 .365832 .365681
yen
.470769 .467805 .464152 .457777 .464111 .464711
market there is little doubt of their ability to do so. Japan.
AillSzPare(13.S.)dollar. .561875 .561458 .581458 .561458 .561875 .561251
NORTH AMER.Unless this support is forthcoming, as was indicated Canada. dollar
.9998.52 .999726 .999791 .999670 .999565 .999471
Cuba. peso
1 000312 1.000031 .999968 1.000156 1.000031 .99971)
by trading on Wednesday, the rate could drop Mexico. peso
.488750 .486750 .486833 .486500 .487000 .48633/
Newfoundland.dollar. .997562 .997343 .997375 .997343 .997187 .997061
considerably lower, for there is a good deal of bear- SOUTH A M ER.Argentina. peso (gold) .971981 .972123 .971930 .972059 .972353 .972371
mikes
.120340 .120345 .120330 .120300 .120345 .12032/
ishness in the situation and Shanghai traders are in an Brasil.
Mlle. peso
.122002 .122002 .121994 .121990 .121996 .122001
Uruguay.
peso
1.033292 1.033648 .032423 .030549 1.032116 1.03062/
especially strong position to depress the rate.
Colombia, peso
.982800 .982800 .982800 .982800 .982800 .98280(
A boycott against Japanese goods and traders has
been launched in China which threatens to spread
Owing to a marked disinclination on the part of
widely and to divert a great deal of Chinese purchas- two or three leading institutions among the New
ing from Japan to other countries for a considerable York Clearing House banks to keep up compiling the
period, regardless of how soon the present embroglio rigures for us, we find ourselves obliged to disconmay be settled. Aside from any official support tinue the publication of the table we have been givgiven the currency, there is a feature of underlying ing for so many years showing the shipments and
strength in the large private Japanese investments receipts of currency to and from the interior.
abroad. Money has been over-abundant in Japan
As the Sub-Treasury was taken over by the Fedsince the banking panic of last year, and many banks eral Reserve Bank on Dec.6 1920,it is also no longer
as well as private individuals placed surplus funds possible to show the effect of Government operations
abroad. These foreign investments still continue in the Clearing House institutions. The Federal
sions in some detail. It rests practically altogether
on the currency reforms which have been undertaken
throughout the Latin republics and to a series of successful export seasons. As noted above in the remarks
• on sterling, the Federal Reserve Bank of New York
reported a shipment of $9,950,000 gold to Argentina
during the week May 3-9, a shipment of $1,007,000
to Colombia, $400,000 to Venezuela and $133,000 to
Mexico. $4,950,000 of the shipment to Argentina
was accounted for here last week. Argentina paper
pesos closed yesterday at 42.75 for checks, as compared with 42.75 on Friday of last week, and at 42.80
for cable transfers, against 42.80. Brazilian milreis
finished at 12.04 for checks and at 12.05 for cable
transfers, against 12.04 and 12.05. Chilean exchange
closed at 12.21 for checks and at 12.22 for cable
transfers, against 12.21 and 12.22, and Peru at 4.02
for checks and at 4.03 for cable transfers, against
4.02 and 4.03.
2872
FINANCIAL CHRONICLE
[VOL. 126.
Reserve Bank of New York was creditor at the Clear- Governor of Shantung Province, said to number
20,000 men, had been destroyed. Foreigners were
ing House each day as follows:
DAILY CREDIT BALANCES Olr NEW YORK FEDERAL RESERVE BANK reported on April 21 to be fleeing from Tsinan-fu,
AT CLEARING HOUSE.
the capital of Shantung and the centre of the NorthAgoeyate
Saturday. Monday. Tuesday. Wednesdy. Thursday. Friday.
ern
defense; on April 30 the Tsingtao Railway was
for Week.
May 10. May 11.
May 5.
May 8.
May 9.
May 7.
cut by the Nationalists and Tsinan-fu isolated, and
105,060,000 107,000,000 103.000,000 100,000,000 114.000,000 108,000600 Cr. 643..000.00 en May 1 the capture of Tsinan-fu was reported.
Note.—The foregoing heavy credits reflect the huge mass of checks which come
The dispatch of Japanese troops to Shantung
to the New York Reserve Bank from all parts of the country in the operation of
the Federal Reserve System's par collection scheme. These large credit balances,
however, reflect only a part of the Reserve Bank's operations with the Cleaning brought prompt protests from both the Northern
House institutions, as only the items payable in New York City are represented in
the daily balances. The large volume of checks on institutions located outside of and the Southern Governments. The Japanese ForNew York are not accounted for in arriving at these balances, as such checks do
not pass through the Clearing House but are deposited with the Federal Reserve eign Office, in a statement isued on April 20, deBank for collection for the account of the local Clearing House banks.
clared that Japan "has no intention of countenancing
any party or faction in China," and that the
The following table indicates the amount of buldispatch
of troops "is an unavoidable measure of
lion in the principal European banks:
self-protection, and does not imply anything like
12 1927.
May 10 1928.
unfriendly intentions toward China or interference
Banks of
Gold. 1 Silver. I Total.
Total. 1
Gold. I Silver.
with the military operations of either North or
£
E
E ]
£
1
£
£
South."
The Nanking, or Nationalist, Government,
153,958,678
161,905,405153,958,676
England__ 161,905,405
France a _ _ 147,141,638 13,718,032160,859,670 147,300,266 13,680,000,160,980,268 while apparently exerting itself to repress popular
994,600, 88,421,050
Germany b100.718,050 c994,6 0 I 101,712,650 87,426,450
Spain ____ 104,318,000 28,153.ot I 132,471,000103,864,000, 28,056.000'131,920,000 agitation against Japan and to discourage a
threat50,406,00 45,959.0004,021.00049,980.000
50,406,000'
34,898,000 2,272,000 37,170,000 ened
2,177,ot I 38,440,
Netherl'ds. 36,263,0
boycott of Japanese commerce and industries
t 19,311,000
18,160,000 1,151,o '
1.244,' I' 22,948,
Nat. Belg_ 21.704,00
21,186,000
2,323,ot' 19,834,000 18.372,000 2,814,0
Switzeri'd_ 17,511,00
12,336.000 in China, again protested on April 27, and request12,336,000
12,893,
Sweden_ _ _ 12,893,0001
762.000 11,468,000
10,750,000 10,706,000
641,
Denmark _ 10,109,
8,180,000 ed the Japanese Government to refrain from send8,180,000
8,180,000
Norway __ 8,180,
Total week 671,149,0931 49,250,632720,399,725641,160,396 53,750,600694,910,996 ing troops to Shantung and to withdraw those alFrey. week 669,274,9521 49,180,472718,455,424640,726,628 53,928,600694,655,228
ready there. The reply of the Japanese Government
a Gold holdings of the Bank of France are exclusive of gold held abroad, amounting
the present year to £74.576,836. b Gold holdings of the Bank of Germany are stated that about 5,000 men had been sent to Tsingexclusive of gold held abroad, the amount of which the present year is £4,281,300.
tao and the region along the Kiaochow-Tsinan-fu
c As of Oct. 7 1924.
Railway to protect Japanese residents, and that
The Political and Military Situation in China. three companies from the garrisons in North China
There is no need either to over-estimate or to min- had been sent to Tsinan-fu "as an emergency measimize the seriousness of the events which are taking ure," but the Government again disclaimed any unplace in China to perceive that the situation is friendly intention, and formally declared that "the
grave and the possibilities of international compli- troops will be withdrawn as soon as it considers it
cations large. Technically and legally, Japan and unnecessary to keep them there any longer." The
China are not at war with one another, for there has response of the Nanking Government was a statebeen no formal declaration of war on either side, ment by General Hwang-fu, Foreign Minister, that
and the existence of civil war between the Peking the dispatch of troops was "not only a flagrant vioGovernment in the north and the Nanking Govern- lation of the principles of international law and
ment in the south makes China itself, for the time treaty stipulations, but it also may give rise to seribeing, more of a geographical expression than a ous consequences the responsibility for which would
country which, for political purposes, can easily be be difficult to determine."
On May 3 the Nationalist destroyers at the mouth
treated as a whole. The military intervention of
Japan in Shantung, however, at a moment when the of the Yangtse River were attacked by a Northern
region is the battle ground of the Northern and cruiser and two destroyers, and two seaplanes
Southern armies, creates a serious international sit- dropped bombs on the city of Shanghai. Later reuation quite irrespective of the motives which may ports of the fighting at Tsinan-fu gave confused achave prompted the action of Japan, and seems al- counts of Chinese attacks upon some 3,000 besieged
most certain to intensify the racial antagonisms Japanese, the alleged violation by the Chinese of an
which have long been one of the banes of Chinese agreement to evacuate the Japanese settlement on
politics and of all international dealings with China May 4, and numerous killings and atrocities by soldiers of both sides. The American Consul, Ernest
and its people.
A review of the events which have precipitated the B. Price, who appears to have exerted himself courpresent crisis, as far as they can be gathered from ageously.to check hostilities, reported on May 4 that
press dispatches, will help to make clear some of a clash had occurred between Japanese and Nationthe primary facts of what is still a confused situa- alist troops, "the precise cause of which is as yet
tion. On April 17, close on the heels of the announce- unknown," that general firing had ensued, that the
ment that Chinese officials had been admitted to Japanese had used armored cars and detachments to
higher places in the customs service and to mem- clear the settlement of Southern troops, and that
bership in the municipal councils at Tientsin and during the night the Chinese wireless station had
Shanghai, the Japanese Cabinet decided to order been destroyed by Japanese field artillery. A re
the landing of marines at Tsingtao, and Japanese newal of hostilities at Tsinan-fu was reported on
troops at Tientsin were held in readiness to pro- Monday, following the establishment by the Japaceed to Shantung. The immediate occasion of this nese commander of a neutral zone of seven mile*
action was the sudden and vigorous opening of the on either side of the Tsinan-fu-Tsingtao Railway
spring offensive by the Southern, or Nationalist and the issuance of an order to the Chinese troopt
armies, with the capture of Peking as its principal to withdraw from the zone. A pitched battle walk
objective. On April 19 it was reported that the reported on Wednesday to be going on in the city
defense of the Northern armies, the outstanding with the city itself on fire in various places. Twen
leader of which was Marshal Chang Tsung-Chang, ty thousand additional Japanese troops, it was said
had collapsed, and that the army of Sun Chuan-fang, were on their way to the fighting area. Fridaj
MAY 12 1928.]
FINANCIAL CHRONICLE
brought reports that Tsinan-fu had been cleared of
Nationalist troops, and that the Japanese commander had announced his intention to "take drastic
measures against the Southerners and to punish the
troops who have committed the outrages against the
Japanese."
A new turn was given to the situation on Monday
with the announcement that the Nationalist Government, evidently confident of the accuracy of its own
version of the fighting at Tsinan-fu, had cabled to
the League of Nations asking for an international
inquiry. Chinese opinion at Peking, according to
the Associated Press, was divided "between relief
at the set-back of the Nationalists and anxiety lest
Japan seize the occasion to resume military and economic domination of the Province of Shantung." It
is true that the Japanese interests in Shantung are
considerable. A correspondent of the New York
"Times" is authority for the statement that, in addition to a Japanese population of 22,000 civilians,
Japanese investments in the province aggregate
some 300,000,000 yen (about $150,000,000), twothirds of which belong to the Tokio Government;
that the interest on the 40,000,000 yen of bonds with
which China purchased the retrocession of the Shantung Railway from Japan has been more than two
years in default, and that there are large landholdings and numerous important industries and businesses under Japanese ownership or control.
It is not clear, at least at this juncture, that the
Japanese Government has any intention of departing from the position which it assumed in its replies to the Chinese protests against military occupation. To reassert, however indirectly, its old dominance in Shantung or in any other part of China
would at once revive political controversies which
the Washington Conference appeared to have settled, and while the pressure of political opinion in
Europe, particularly in Great Britain, might conceivably support the laying on of a strong hand in
China, the Japanese Government is probably too
shrewd to lend itself to the dangerous task of pulling other nations' chestnuts out of the fire.
It seems improbable that an appeal to the League
of Nations will be productive of any important results. The Nationalist Government is not represented in the League, and Japan is too influential a
member, and its case, on the face of the reports
at least, seems too strong to make League intervention likely. The League, moreover, is reported to be
much concerned at the moment over the demand of
Belgium for admission to the Council at the meeting next September, and Brazil has just declined to
reconsider its refusal to rejoin the League, although
willing to continue its cooperation. As long as
Japan confines itself strictly to the protection of
its own nationals and their property in China, together with such other foreign interests as may not
be accorded sufficient protection by their own Governments or by the Chinese themselves, it can probably Count upon general support from the Powers.
Beyond that, judgment upon the merits of the situation in China must be withheld until the facts are
better known. The whole episode, however, coming as it does at a time when Secretary Kellogg's
peace proposal seems to be meeting support in Great
Britain and opposition in France and Belgium, is
both unfortunate and disturbing. It shows not only
a grave condition of political disturbance in China,
but also the wide gulf that still separates peace in
2873
theory from peace in practice. The American Government, we are glad to note, while taking necessary steps to protect American citizens in China, is
maintaining its policy of strict neutrally in regard
to both the civil war between the North and the
South and the Japanese military operations.
Governor Ritchie, and the Credit-Power.,
Governor Albert C. Ritchie, of Maryland, contributes an article to the current number (May) of the
"Altantic Monthly," which he entitles "The Imperialism of the Dollar." He places the center of the
'money power" in the banks. And he finds that
concentration here is going on at a tremendous rate.
He does not rail at the bankers. Note this significant statement:"He [the banker] has done as much
to liberate the energies of men and feed the springs
of enterprise as all the statesmen put together, asd
a large percentage of his effort is undoubtedly der
voted to the traditional ideals of service and guidance and constructive assistance to his patrons."
The dollar he speaks of is a symbol of "powesev
his analysis, this "money Owe& Uiñ reality credit.
power—not the old fetish of the single or doublet
standard. Nor is the power of money necessarily
"malign." In its growing concentration this power,
he admits, "is for the most part the uneonscions
product of unconscious forces." And what the banker
does is not "so much through the control of money
as through the control of credifd—through his ability
to mobilize and organize the credit of the nation,
both public and private, and deal with it as a commodity. This is a new or relatively new factor in
the financial equation. It carries the power of domination, and neither society nor the banks themselves can afford to overlook the social and political
implications of it all." He continues: "The banker,
particularly the investment banker, is gradually acquiring a mortgage on the industry of the nation.
Through his vast resources and ability to organize
the facilities of credit and distribution he dominates
practically the whole field of industry and enterprise." . . . "Through corporate agencies and
investment devices and the credit control of bank;
the ownership of wealth is becoming abstract and
depersonalized. It no longer carries the responsibilities either of service or of profit which formerly*
arose from personal ownership. These are passed
on to the banker. This depersonalization, so to
speak, of the dollar inevitably tends to exploit it,
and the danger is that the money power may go
money mad." . . . "After all, in the last analysis the world will look to the banker's power not
so much to produce more dollars as to produce more
bread and meat and more of the good things of
life." . . • "Such is the subtle character of
banking control that, having underwritten the industrial needs of the nation, the banker's voice becomes the master's voice. No concern after obtaining his credit can afford to ignore it entirely." Further he writes: "But the concentration of wealth demands courage and vision, service and leadership.
It demands a higher stewardship than simply making money and protecting it and multiplying it. It
has the facilities, the contacts, the brains, and the
capacity to guide in so many regions where unselfish
guidance is needed that it has nci right to move in a
political vacuum." . . . "My point is that the
dollar should recognize this, shoulder its responsibilities, come out in the open, and move forward to
2874
FINANCIAL CHRONICLE
[VoL. 126.
constructive democratic and social leadership." feeds the fires that fuse to some extent our credit
And in conclusion: "Conceivably the dollar might agencies.
exert a power to do what no other power has so far
The basis of every great revolt against this power,
been able to accomplish. It might translate its own call it money or credit, is the envy that arises
• powers of co-operation and unity into world har- through an inequality of ownership of wealth, that
mony and world unity. Without entering the do- turns itself into political propaganda and eventumain of dollar diplomacy, without asking or receiv- ates in laws of control. Now these unified finaning any national endorsement or guaranty as a con- cial powers, they are by no means a unit, nor ever
dition to its voyage to foreign parts, it might still will be, cannot transform themselves into benevo,work out a more rational world order, help remove lent associations for the amelioration of inequali.the incubus of excessive naval and military arma- ties nor for the engendering of uniform opportuni..ments, and educate the world as to the 'great illu- ties. They must go on in the old way, the way they
sion' of war."
were born and nurtured. They have been drawn too
• Though we thus make copious excerpts from the much into direct politics and legislation. What
article, we cannot do justice to the logic of Gover- power they have must remain in the guiding hands
nor Ritchie's article. He sees the dollar as subser- of owners and managers. They cannot enter poli.vient to the ballot. He has a fear that underneath tics, rightly, either in their own interests or in the
the acquiescence in the big things of prosperity there altruistic interest of the people, for they are not
is a latent distrust. He has fear of a growing fear born or made that way. That the "responsibility"
of plutocracy arising to smother or to dominate de- of wealth is growing there can be no doubt. But
mocracy. .He thinks, "a power which so greatly af- if it were not growing, such is its nature that it
fects the well-being of those who are not its owners must serve if it would prosper. The huge technique
must frankly recognize that the owner's right is of business cannot be turned over to the theory of
not absolute. Others affected should not be without benevolence. It has its own laws, has "business,"
woice. They have the right to be heard and to dis- and they cannot be abrogated through fear of plucuss all problems which affect both themselves and tocracy or the embracing of altruism. It is hard
the owner." . . . And he sees the possibility of to see how initiative, enterprise and ownership are
an imperialism that "can be economic as well as po- to be preserved and the bent of the new movements
litical, and quite as dangerous in either case." He turned in the direction of equalization. More, the
fixes responsibility with power and would have the unity of business interests, banks and finance instiunified financial agencies and interests turn toward tutions, if you please, is not a fixture. The ocean
the service of the people and the government as of credit is subject to all the storms that blow. The
great social factors in our advance, lest they find power of credit moves in one direction to-day, in
themselves ultimately in the toils of an organized another to-morrow. One of the biggest banks in the
country turns to the making of small two-name (bepolitical protest.
We find it difficult to follow along with some sides the borrower>, personal loans. Another is now
parts of this article, temperate and balanced as it paying interest on savings from day of deposit to
is for the most part. We do not perceive the feasi- day of withdrawal. A thousand rivers run into this
bility of building a unity of financial powers that ocean of bank credit and water many lands by the
•
can Eerve the people in other than the natural way way.
based upon Adam Smith's "self-interest." Nor do
Who Is Making Money.
we conceive the banks to have the great power or
The
barber,
who
entertains while he works, said:
the kind of power the writer suggests. Too much
making lots of money, but the
"Some
people
are
power.
or
stress is laid on both the unity of credit
run
of
men
are not making much." He
common
the
banks.
It
is
true
rest
in
money power and its
end
would
be two classes, "the very
thought
the
concentraout
of
the
springs
up
that a new power
very
poor."
But the barber is not quotrich
and
the
community
organizaand
credits,
tion of money,
length
among
at
the
ed
prognosticators
as to the funot
fixed
in
the
power
is
this
but
banks,
tion, in the
"prosperity."
of
ture
However,
his
people.
cannot
Banks
the
voluntary
of
reindependent
banks and
suggest
the
marks
importance
of
trying
to
credit
power
absolute
find
or
unlimited
out
either
exercise
built up oat of or upon the inherent credit power of just who is making the money, for if it is possible
that our peculiar form of prosperity is building up
the people. They are servants whether they will to
sharply contrasting classes in a country of free
two
be or not. The multiplication of agencies such as
business
endeavor it may not be the best thing after
investment
companies,
"investment houses, holding
There
are so many contrasts and contradictions
all.
be
institutions"
may
trusts, insurance and saving
in
current
comment on business conditions that it
to
the
"right
development
of
abused, but they are a
is
almost
impossible
to strike a balance. For inpeople
the
serve
must
such
deal in credits," and as
stance,
if,
as
sometimes
not
the
alleged, the small business
It
is
ruin.
with
themselves
or soon cover
the
man
and
farmer
that
are
not making money, where
credits
the
make
that
agencies
banks or these.
the
do
bonds
issued
in
willthe
but
the
stream,
last few years find a
increasing
ever
pour out in an
rest?
final
It
may
be
may
coin
a
said
they
we
now lie for the most
if
creditize,
to
people
ingness of the
part in life insurance concerns and endowed instihuand
resource
physical
of
powers
own
word, their
the tutions, and, temporarily at least, in "investment
man energy. Securities cannot be forced upon
conbanks." If so, what of all this repeated assertion
desire
to
people against their wills. It is the
that
since the Liberty bond issues the "people have
power
credit
individual
vert wealth, savings, and
become
educated in bond buying?"
ball
the
keeps
that
into these new forms of credit
Turn
to another phase of the problem. It is genthe
than
more
desire
rolling. The unity of this new
erally
agreed
makes
that in manufacturing industries volbanks,
through
unity of credit power by and
of
ume
output
is larger and ratio of profits smaller.
article,
the
in
out
pointed
the market,. And, as is
That
competition
was never as keen as it is to-day.
that
pleasures
of
anticipation
it is borrowing in
MIT 12 1928.]
FINANCIAL CHRONICLE
That foreign trade is increasing and that there are
no surplus stocks on the shelves of domestic retailers. That wages in "protected" industries continue
"high." And that for the three months' period of
1928 business as a whole, though recovering in some
lines, shows a "slight" falling off and that unemployment has been approaching the point of menace.
Who then is now "making money?" That "capital"
increased tremendously during and after the war,
and that this has been thrown into general trade
and business is admitted. Also, no one doubts, this
flow has developed resources never before exploited,
augmenting volume. But what basic industries,
though fostered by war-time dearth of materials and
men, are now keeping up the same ratio of advance
then attained? Is it iron and steel, is it textiles, is
it building or lumber or cereals?
Again, is n people "prosperous" that does not and
cannot save, and that sees immense forces at work
in accumulation, little of which comes to the masses,
supposing these things to be true? Offset this by
the billions lodged in the savings banks, by the continued high wages of certain unionized workingmen,
by the actual great volume of manufacturing. Further, contrast all this with the alleged condition of
agriculture and small business. And then throw
into the computation the vast sums spent by the
"common man" for luxuries, unheard of, say, even
ten years ago, together with the universal use of a
vehicle anywhere from half to three-fourths of which
is sheer pleasure. And what have you? Who is
making the money and who has it? If the people
can be said to "make" more, do they not spend more?
And who, big or little, has actually "made money"
until he has put it into permanent form, either in
going business or physical improvement?
We have a fashion of going to the past for comparisons, to five and ten-year periods in unrelated
times (for the "war changed everything"), and then
projecting ourselves into the future. But to-day is
an entirely new day. Suppose we are rich in "capital" (one thing to-day and another to-morrow), are
we rich by the plethora of basic comforts, indispensable businesses, indestructible resources? New developments, of course, in mines and metals, in acreage employed, in housing structures and cultural
and eleemosynary institutions, but are the homes,
en masse, more .enduringly comfortable, foods
cheaper because more plentiful, clothing more lasting, and ready money more abundant? Is there a
sense of satisfaction such as the well-to-do evinced
before the war, or a strain to keep up "appearances,"
to get as much out of life as the neighbor, regardless
of unequal abilities and wealth, to somehow, or
somehow else, get rich quick, though to-morrow may
see the "crash"?
In the nature of things, these statistical estimates
and comparisons are largely worthless. Who is
"making money" in the sober sense of the term,
now? Well, there are some who are making fortunes on the Stock Exchange, or at least so far they
are. There are others who are making millions by
consolidations—and the manipulations of stock and
bond issues, and others who are serving the popular
desire for pleasure and entertainment. But how can
the sober middle class firm or corporation be "making money" in the face of the spending of the people
for luxuries that fade away and leave nothing behind, and in the face of high, unjust and discriminating taxes by nation, and excesses in taxation grow-
2875
ing each year by States and munitipalities? Is it
to "make money" to thresh out a harvest of trade
and leave only chaff behind? Is it to borrow collectively and be hard pressed individually? What is
"making money" if not to save it?
There is a certain, though low, profit in needful
service. This is comparatively equable through normal exchange. And the measure of "making money"
is the general distribution of this service, not the
flaming volume or earnings of the trade in luxuries.
If the truth could be told, there are more men with
their noses to the grindstone of legitimate trade today than there were twenty or even -ten years ago.
A people may multiply its industfie.s and develop
its resources out of all comparison to the past and
still be poor because everlastingly in debt and flamboyant spenders. Nothing in this world, and certainly not "prosperity," is owned until it is paid
for. Wealth does not consist in transient things
but in permanent. Profits are upon current trade
in the necessaries, if they are to be taken as an index of "making money." Wages are insufficient
proof of stable activity. The unemployed who make
no noise are the ones who are to be reckoned with
sometime. Yet the general making of money should
not become a lost art.
Manchuria, the New Land of Promise in the
Orient.
L'Europe Nouvelle, the French foreign affairs
weekly, which makes a specialty of its accuracy,
describes Manchuria as yesterday an unknown
country, to-day world famous, with cities and ports
known to everyone and great nations contending for
its present and potential advantages which it recounts at length; and now Mrs. Marguerite Harrison, after her prolonged study of conditions in Russia and Siberia, in the course of which she suffered
rough treatment and, if our memory serves, a year's
severe imprisonment at the hands of the Soviet authorities, gives in her new book Asia Reborn, published by Harpers, three graphic chapters on "The
Far Eastern Triangle," dealing with the Manchuria
of to-day.
It is important for many reasons to know the
possibilities. Traffic through the Canal and from
the West Coast across the Pacific is steadily increasing and has assumed commercial importance
well beyond what the Philippines offer. The FourPower Pact resulting from the Washington Conference in Nov. 1921, guaranteed the integrity of territorial possessions in the Pacific, and the United
States and Great Britain agreed not to construct
any fortified bases west of Hawaii or north of
Hongkong, respectively. It is quite worth while
therefore to unfold the existing situation; and that
quite apart from the present struggle between Japan
and the Southern or National Chinese party.
With the conquest of Peking and the establishing
of the Manchu dynasty in the 17th century Manchuria became part of the Chinese Empire. The
Manchu dynasty fell in 1912 and the Republic was
established. Meanwhile Russia had for more than
half a century been extending her territory around
and over north China, running a main branch of her.
Siberian railway across Manchuria to the Pacific
and another lengthwise north and sotth to the gulf
of Pechili and the China Sea, with broad land concessions along both lines. After her war with Rus-
2876
FINANCIAL CHRONICLE
sia, Japan in 1905 assumed Russia's place in Manchuria, with legitimized rights. Then followed extensive development. The East and West line carried the agricultural products of the rich district
out through Vladivostock, and the other drained the
rest of the country through Dalney and, with its
new branches, through Korea. The European war
brought the final changes. Japan came to see that
her interest lay not in increase of territory but in
increased economic facilities, which she proceeded
at once to push both in Manchuria and far beyond
in China, while Russia, threatened for a time with
expulsion from Eastern Asia, forced the way open
for her Soviet government to re-establish control of
outer Mongolia surrounding northern Manchuria,
and to maintain a foothold through the railways in
the heart of the country.
Meanwhile Chang-Tso-lin, the Chinese representative, has been able by his personal force to play
the rival powers one against the other while he extended his own control to Peking itself and the intermediate territory including further direct railway lines. The political future of Manchuria is of
course uncertain, and is, like that of all China,
largely in its own hands. In any case, it is in all
probability to be assured of the protection of international law and in that of the economic prosperity
of which, though as yet largely undeveloped, it has
great promise. This is the immediate concern of
its own people as well as of the commercial world.
The fact is that in lieu of their ambition to go in
and possess the land the Japanese are finding that
their best interests are at home where progress is
so great; and on the other hand, the Chinese in
the neighbor provinces, driven out by the misery resulting from prolonged civil war, are flocking in
great numbers into Manchuria where conditions
are more inviting.
A glance at the resources of the country shows
their extent. The three Manchurian provinces embrace 400,000 square miles. Of these the Japanese
occupy 1,440, nearly all of which are on the Liaotwig peninsula. Of the approximately twenty million hectares, or 50,000,000 acres, of arable land,
only a little over one-half are under cultivation.
The annual harvest of soya beans, the principal
crop, was, in 1906, 600,000 tons; now it is nearly
4,000,000 tons. The Japanese have introduced modem agricultural methods and look for a million tons
of cotton a year before long, and have high hopes of
elk. They already own domestic animals in large
numbers. In industry they have a half dozen cotton
mills running upwards of a 100,000 spindles. They
have factories of many kinds, but their oil and metal
industries are far the most important. The output
last year was of anthracite coal, 6,000,000 tons; of
iron, 200,000 tons, which is to be doubled at once;
of salt, 700,060 pounds, also soon to be doubled.
Their investments in these represent 1,000 million
yen, with 500 million more in their railway. They
have rebuilt and almost doubled the length of the
railway built by Russia. French capital has aided,
and the line now includes 695 miles under Japanese
control in the form of the powerful South Manchuria Company, having a capital of 400 million
yen, half owned by the Japanese Government, and
half by private individuals. The main line alone
carried In 1925 nearly 10 million passengers.
Political relations complicate the railway situation. Soviet Russia still owns the Chinese East-
[Vol,. 126.
ern railway, though she runs it jointly with the
Chinese authorities, but it gives her a strategic
position should complications arise. Chang Tao-lin
for the time controls the situation. He has long
played fast and loose with the contesting powers,
not hesitating to make, or break, relations with
Russia, Japan and China in turn, as it served his
purpose. In Peking recently he replied when the
question was put to him in regard to Japan: "People pretend that the Japanese want to construct a
lot of lines across Manchuria and exploit them.
You may be sure they will only build as many as
I please, for I am the sole master."
Japan's special interests are to all intents not
military bases for territorial conquest, but simply
material advantages already acquired by the 120,000 of her people resident there, with the safety
of her heavy capital investments which secure her
economic position. This embraces both the really
vast available natural resources of the country
and a new market for Japan's manufactured products. These both may also profitably appeal to
other nations taking advantage of the now "open
door" of the Orient. America's possible interest is
represented in the proffered 40,000,000 offered
from New York as a loan to the South Manchurian
railway which Chang Tao-lin's oposition is said to
have defeated for fear of its being in the interest
of Japan. The effort of the Allies in union with
Japan at the end of the war to expel Russia from
Siberia ended in their own withdrawal; and, the
Soviets occupy to-day the same position with relation to China that Russia did before. They have
since bettered their situation and to-day have satisfactory treaties both with the Chinese Republic
and the separatist Manchuria. Our French authority sums up the situation in Manchuria as "a
complication that arises from the bad faith of all
three parties," the Chinese Nationalists, the Soviets and the ruler of Manchuria, coupled with suspicion of Japan.
Mrs. Harrison's interesting and informative book
carries the question into far wider fields. She follows the astute Marshal Chang Tso-lin to Peking
and shows him successfully turning back General
Feng and the Western army there as subsidized by
Moscow, arresting the Soviet representative because of Russian interference with his troop trains,
and establishing himself as Dictator with the complete independence of Manchuria. Renewed attempts at Soviet invasion were defeated with the
support of Japan and the Marshal was soon able
to push Feng's army back into Mongolia. He went
so far as to warn the British that he would send
his soldiers to resist them if they should attempt
to recover by force their concession at Hankow,
taken by the Nationalists. Japan's attitude is well
established as one of strict non-intervention, leaving Manchuria entirely free. The American policy
of good-will toward a united China with a fraternal
position is gaining general recognition, though on
China's own part there is much yet to be done to
sustain it. The peasants of China, who constitute
three-fourths of the population and the backbone
of the nation, live in such complete isolation that
settled national lines of action are slow of realization. Mass education, however, is under way and
new means of inter-communication are arising. The
merchant class, who play a large part in the national life, are laying economic foundations for a
FINANCIAL CHRONICLE
MAY 12 1928.1
greater China; and while the future of this great
people is still very unsettled, there is no doubt of
its importance to the world at large.
In that future Manchuria, because of her strategic position, will have an important function and
under existing conditions is an inviting field. Soviet Russia has turned her face definitely to the
East, and while Bolshevist Communism finds little
2877
acceptance and what Mrs. Harrison terms the mystic faith of Lenin strikes deep roots in all Oriental
minds, the spreading of material progress has created new needs and new desires foreshadowing the
development of capitalism and the new international
relations of which commerce is the strong support.
It will have its opportunity for promoting the peace
as well as the prosperity of the world.
Gross and Net Earnings of United States Railroads
for the Month of March
their supplies for the occasion. The present year, on
the other hand, shipment and mining of coal were
at a minimum for the two-fold reason that the winter nearly everywhere was extremely mild, thereby
reducing the quantity of fuel needed for heating purposes, and that outside of the steel industry industrial activity was not up to the usual state of activity, consequently reducing the need of coal for manufacturing purposes. In addition many dealers and
consumers of coal had not yet entirely worked off
the excessive supplies of coal accumulated in 1927
against the possibility of a famine in coal by reason
of the suspension of mining in the regions where the
miners' union held sway—a famine which never developed since the non-union mines were able to produce coal in sufficient quantities to supply all current needs.
The statistics of coal production for the month
during the last three years, reveal the sttuation in
that particular with great clearness. In March,
1926, the production of bituminous coal in the
United States had been 45,744,000 tons; in March,
of
Miles road (184 roads)
+920 0.38 1927, the quantity mined ran up to 60,147,000 tons,
239,649
238,729
Gross earnings
$504,233.099 8530,643,758 —826,410,659 4.98
the circumstances mentioned, the addiOperating expenses
372,392,824 394,769,216
—22,376.392 5.66 by reason of
Ratio of expenses to earnIngs___
—0.55%
73.85%
74.40%
seen, having been almost 33%. In
be
will
tion, it
Netearnings
8131,o40,2/5 $135 874,542 —$4,034,267 2.96 March the present year the production dropped to
The reason for the unfavorable showing here dis- 43,955,000 tons, the loss from a year ago thus beclosed lies on the surface. It is due very largely to ing over 16,000,000 tons and it is easy to see what
a single cause, which will not be operative in subse- effect this loss of 16,000,000 tons had in reducing
quent months,and which hence loses its significance the gross revenues of the railroads. It happens, too,
as bearing on the character of the returns for the that the production of Pennsylvania anthracite also
immediate future. We refer to the fact that in showed quite a decrease the present year in addiMarch last year the coal tonnage all over the coun- tion to the very heavy decrease in March 1927 as
try was of unusual and even of extraordinary dimen- compared with March 1926, in which latter year the
sions,.while on the other hand, the present year it production of hard coal was of unusual magnitude,
was on a relatively small scale, making a very sharp since it marked the resumption of mining in the ancontrast between the two years in that respect. In- thracite regions after a complete suspension of anasmuch as nearly every railroad of any importance thracite mining for a period of almost six months.
carries a larger or smaller amount of coal, the in- In March 1926 the anthracite product was 8,732,fluence was a common one throughout the whole 000 tons. From this there was a drop to 6,098,000
railroad system of the country, and was an influ- tons in March 1927 and a further drop to only 5,-ence of great moment in the case of the distinctively 497,000 tons in March the present year.
coal carrying systems and in the case of the great
The big contraction in the coal traffic played its
East and West trunk lines serving the manufactur- part in reducing the revenues of the roads, but was
ing and coal mining regions of the Middle and Mid- by no means the only adverse factor the rail car'die Western States.
riers had to contend against. General trade and
The reason why the coal traffic waa so exception- business the present year was hardly anywhere of
ally heavy in March last year was the fact that it full volume, outside of the steel trade and the autowas the month immediately preceding the inaugu- mobile industry, and this involved a loss of some
ration on April 1 of the coal strike at all the union merchandise and general traffic. Furthermore, the
-controlled bituminous mines; in preparation for that South still appears to be suffering from the trade
strike with the general suspension of mining in the depression and setback encountered a year ago,
soft coal mines feverish energy was displayed in while in the Southwest last season's shortage, in
getting out all the coal possible, and a ready mar- both the cotton crop and the grain crop, is still a
ket was found for every ton that could be mined, potent factor in reducing the traffic and earnings
since everyone was engaged in stocking up with coal of some of the most important systems traversing
to be prepared for the contingency referred to— that part of the country. The 1926 cotton crop in
'railroads, dealers and consumers alike all enlarged Oklahoma, Arkansas and Northern Texas was of
Our compilation of the earnings of United States
railroads for the month of March does not bear out
the favorable expectations engendered by the exhibit
for the month preceding, though this previous mon
had the advantage of an extra working day, 1928
being a leap year and February therefore having
contained 29 days as against 28 days in 1927. Accorilingly, the decrease as compared with a year ago
in the gross for that month was relatively small,
while in the net actually a slight increase appeared.
For the month of March our tabulations now show
quite a substantial loss in gross, and a decrease likewise in the net earnings, notwithstanding that operating expenses were heavily cut. In brief, the total
of the gross falls $26,410,659 below that for the same
month last year (a decrease of not quite 5%), and
this was met by a reduction in expenses in amount
of $22,376,392, or 5.66%, leaving consequently a
loss in the net (before the reduction of the taxes)
of $4,034,267 or 2.96%. The comparative totals for
the two years are shown in the following:
Month of March—
Inc.(÷) or Dec.(—).
1927.
1928.
2878
FINANCIAL CHRONICLE
[VoL. 126.
quite unusual size, while the 1927 cotton produc- road systems serving the South Atlantic seaboardtion in the same States was decidedly short.
that is, those located in Florida or connecting with
As against the numerous adverse influences just the same. The Atlantic Coast Line finds itself esnarrated, there was one conspicuous favorable in- pecially hard hit in that respect and reports $915,fluence of large moment, namely, the large spring 178 decrease in gross and $240,504 decrease in net
wheat crop raised last year in the Northwest. This in March the present year in addition to $1,968,606
served not only to swell the grain traffic in that part decrease in gross and $1,513,437 decrease in net in
of the country, but quickened trade everywhere in March last year. The Florida East Coast shows
the same sections of the country by reason of the $592,035 decrease in gross and $118,538 decrease in
increased purchasing power of the communities pop- net this year in addition to $1,454,002 in gross and
ulating the States referred to. The spring wheat dis- $712,911 in net last year. The Seaboard Air Line
tricts to -day are in a more prosperous condition reports $548,560 loss in gross, though only $70,293
than for many years past and the presence of that in net the present year, after $929,046 in gross and
stimulating agency is reflected in the earnings of $412,364 in net in 1927. As we get away from the
virtually. all the railroads serving the northern half seaboard, the comparisons get better and the Louisof the western part of the United States. All the ville & Nashville shows only $358,242 decrease in
gains of large size in gross earnings are found gross (only a little over 3%) with $270,714 increase
among the railroads in that part of the country and in net, following $425,341 loss in gross and $658,656
it is the same roads that show the greatest improve- loss in net in March last year. The Southern Railment in the comparisons of the net earnings. As way does best of all, showing only $243,490 further
illustrations we may mention that the Mil., St. Paul decrease in gross (less than 2%) with $349,360 in& Pac. shows $1,022,043 increase in gross and $2,- crease in net, following $903,832 falling off in gross
154,733 increase in net, as compared with the same and $734,455 in net a year ago. This is for the
month last year; the Northern Pacific $821,918 gain Southern Railway proper. For the entire Southern
in gross and $956,428 gain in net, and the Great Railway System, the result is a decrease of $443,Northern $667,785 increase in gross and $338,679 050 in gross with $315,429 increase in net, after
increase in net, with many other roads distinguish- $1,492,750 falling off in gross and $1,195,274 in net
ing themselves in the same way. The Chic. Burl. & in March 1927.
Quincy also gives a good account of itself, with
The Eastern trunk lines and coal carrying roads
$609,427 increase in gross and $467,983 increase in all show heavy losses in earnings and the reason
net. The Union Pacific belongs in the same cate- for this is found of course in the great shrinkage in
gory, it reporting $1,305,026 increase in gross and the coal traffic and in some instances likewise no
$717,093 increase in net.
doubt in some contraction in merchandise and genAs we proceed South, however, in the western half eral freight, owing to the flagging state of trade
of the country, the character of the returns changes and business. The Pennsylvania Railroad falls $6,and losses dominate the situation. The Atchison, 447,684 behind in gross and $1,802,239 behind in the
Top. & Santa Fe is a conspicuous case in point, hav- net; the Balt. & Ohio $2,685,015 in gross and $1,ing suffered $2,241,604 decrease in gross and $1,- 586,176 in net. The New York Central, in turn, has•
679,802 decrease in net, of which $1,037,610 decrease lost $1,795,229 in gross and $459,059 in net. This
in gross and $447,111 decrease in net is found in the is for the New York Central itself. Adding the variTexas lines of the Gulf Colorado & Santa Fe. The ous controlled and auxiliary roads, the result is $2,falling off in the cotton traffic undoubtedly is re- 581,911 decrease in gross and $865,053 decrease
in
sponsible for a good part, if not the whole of the net. The Anthracite carriers have likewise all susfalling off. The Rock Island is another road that tained larger or smaller losses. Thus the Lehigh
suffered severely, it showing a loss of $737,485 in Valley reports a loss of $734,817 in gross and of $54,gross, though this has been converted into a small 649 in net, while the Erie shows $354,872 decrease
gain in net ($12,482) by a reduction in operating ex- in gross, which, however, has been converted into a
penses. In the case of this system oil development gain of $586,252 in net through reduced expenses.
played an important part in swelling revenues in The losses on the roads serving the Pocahontas coal
March last year and it is probable that a part of the regions are very heavy indeed, the Chesapeake &
extra traffic then obtained from that source was Ohio reporting a falling off of $1,584,165 in gross
lost the present year. The St. Louis-San Francisco and of $888,098 in net; the Norfolk & Western of
reports $577,802 decrease in gross and $94,681 de- $958,029 in gross and of $561,531 in net, and the Vircrease in net, and the Southern Pacific $527,380 de- ginian of $626,570 in gross and of $568,734 in net.
crease in gross but $460,921 increase in net. The in the following we show all changes for the sepaMissouri-Kansas-Texas shows $525,851 decrease in rate roads during the month for amounts in exgross and $136,773 decrease in net; the Missouri cess of $100,000, whether increases or decreases, and
Pacific has a relatively small loss, namely, $145,895 in both gross and net:
in gross and $36,242 in net. There is one part of the PRINCIPAL CHANGES IN GROSS EARNINGS FOR THEIMONTH
OF MARCH 1928.
Southwest, however, where the roads form an excepIncrease.
Decrease.
Union Pacific(4)
,305,026 Reading
69465
91537:84
7924
tion to the general rule of decrease. We mean north- Chicago Milw St P & Pac $11,022,043
Atlantic Coast Line
,178
Texas & Pacific
842,040
Chicago R I & Pac (2)
ern Texas, where oil developments have been such a Northern Pacific
821,918 Lehigh Valley
734,817
Great Northern
667,785
Clev
Cinc
Chic
& 6t L
700,462
conspicuous feature. The Texas & Pacific belongs Chicago Burl & Quincy
609.427 Virginian
6595:570630
26
Minn St P & S S Marie-214,136 NYNH& Hartford_ _ _ _
Michigan Centr
to this class and is able to show no less than $842,- St
191,285
al592
Florida East Coast ,035
Louis Southwestern(2)
131,983 St Louis-San Fran (3)__ _
577,802
Grand Trunk Western
040 improvement in gross and $519,091 improvement Minneapolis
107,595 Seaboard Air Line
548,580
& St LOUIS-100.436 Southern Pacific (2)_ _ _ _
59
327
5:0
39
88
0
in net.
Missouri-Kansas-Texas
525,851
Total(15 roads)
$6,013,674 Western Maryland
In the South cumulative losses are still the rule,
Chicago & Eastern Ill_
389,714
Decrease. Colorado & Southern (2)388,709
$6,447,684 Wheeling & Lake Erie_ _ _
by which we mean that decreases the present year Pennsylvania
367,456
Baltimore & Ohio
2,685,015 Louisville & Nashville_ _ 35
28
5:9
24
10
4
Atch Top & S Fe (3)___ _ 2,241,604 Erie (3)
follow the very heavy decreases suffered in March New
354.873
York Central
31,795,229 Boston & Maine
& Ohio
1,584,165 Hocking Valley
of last year. This is particularly true of the rail- Chesapeake
323,315
Norfolk & Western
958,029 Bessemer 8c Lake Erie_ -298,770
FINANCIAL CHRONICLE
MAY 12 1928.]
2879
the loss in the gross reached no less than $30,628,340, though the loss in the net was no more than $2,514,076, owing to the reductions in expenses, refleeting growing efficiency of operations. This
ever
108.922 growing efficiency in operation has continued
strikmore
the
go
we
back
further
the
104:335 since. And
$31,275,928 ing the record becomes in that respect—barring
Total(61 roads)
1923, when weather conditions were extremely una These figures merely cover the operations of the New York Central
itself. Including the various auxiliary and controlled roads, like the Michi- favorable and a gain of $59,806,190 in gross brought
gan Central, the "Big Four," &c., the result is a decrease of $2,581,911.
b This is the result for the Southern Railway Proper. Including the with it an addition of only $3,419,324 to net earnAlabama Great Southern, the Cincinnati New Orleans & Texas Pacific,
the Georgia Southern & Florida, the New Orleans & Northeastern and the ings—which last, however, was the reverse of what
Northern Alabama. the whole going to form the Southern Railway System;
the result is a decrease of $443,050.
happened in 1922, when a gain of $16,059,426 in
PRINCIPAL CHANGES IN NET EARNINGS FOR THE MONTH gross was attended by a reduction of $38,577,773 in
Decrease
OF MARCH 1928.
$1,586,176
Increase. Baltimore & Ohio
gain in net, and the
888.098 expenses, yielding $54,637,199
Ohio
&
Chicago Milw St P & Pan $2,154,733 Chesapeake
568.734
.428 Virginian
Northern Pacific
1921, when though
in
561,531 reverse also of what happened
717.093 Norfolk St Western
Union Pacific (4)
459.766
586.252 Reading
Erie (3)
of $1,483,390,
decrease
a
showed
a459,059 the gross revenues
519,091 New York Central
Texas St Pacific
453.349
467.983 Clev Cinc Chic & St L _
Chicago Burl & Quincy
$18,656,316.
of
improvement
an
342,234 the net recorded
460.921 New York Chic & St L__
Southern Pacific (2)_ _ _ _
248.573
b349,360 Hocking Valley
Southern Railway ODo.._ _
got furcountry
the
as
that
this
indicates
merely
All
240.504
338,679 Atlantic Coast Line
Great Northern
238,957
270.714 Bessemer & Lake Erie_ _ _
Louisville & Nashville__ _
Governof
period
the
from
away
231.564
further
and
ther
Vermont
235,269 Central
Long Island
224.656
178.430 Pere Marquette
Del Lack & Western..._ _
190,595 ment control of the railroads, with its lavish
170,268 Wheeling & Lake Erie_ _ _
Minneapolis & St Louis- _
168,973
147,699 Los Angeles & Salt Lake_
Kansas Okla & Gulf__ _ _
142,214 and extravagant administration, railroad managers
122,896 Monongahela
Minn St Paul & 85 Marie
136.773
_
Texas
Missouri-Kansas116,530
Duluth Missabe & Nor..131.093 once more succeeded in obtaining control over the
106.836 Yazoo & Miss Valley_ __ _
Wabash
125.593
103,004 Western Pacific
Illinois Central
120.844 expenditures of the roads and were able to effect
Chicago & Alton
118.538
$8.002.186 Florida East Coast
Total (25 roads)
101.010 important economies and savings.
Decrease. Mobile & Ohio
$1,802,239
Pennsylvania
$11,220,875
Total(26 roads)
Atch Top & Santa Fe(3)- 1,679,802
Weather conditions are not, as a rule, a great
a These figures merely cover the operations of the New York Central
drawback to railroad operations in March (JanuItself. Including the various auxiliary and controlled roads,like the Michigan Central, the "Big Four," &c., the result is a decrease of $865.053. the ary and February being the bad winter months) and
Southern Railway proper.
result for
Pgring
ge3
abnit if!;r:113
Alb
was not an adverse influence anywhere.
the Georgia Southern & Florida, the New Orleans & Northeastern and the the weather
Northern Alabama, the whole going to form the Southern Railway System:
the weather did not exert any serilikewise
In
1927
the result is an increase of $315.429.
except in several of the Rocky
influence
the
ous
adverse
of
speaking
It must not be supposed that,
particularly in Colorado and
more
States,
loss
the
Mountain
whole,
a
as
railroad systems of the country
snowstorms occurred all
repeated
where
arWyoming,
this
of
outset
the
at
shown
in gross and in net
of 1927, making railroad
months
winter
the
Such
through
year.
last
of
March
in
gains
ticle follows large
even towards the
where
and
difficult,
have
we
operations
what
from
encouraged
be
might
inference
an
said above regarding the magnitude of the coal traf- middle of April an unusually severe spring blizzard
fic in March of last year. The roads and systems was encountered, seriously interrupting traffic.
favored by this heavy coal traffic did register large The latter extended also into South Dakota and into
gains in 1927 as a result, but as an offset to this western and northwestern Nebraska. In 1926, too,
many other roads suffered decreases—some very the winter for the country as a whole did not interheavy in amount. We have already shown that that fere with railroad operations to any great extent,
was the case with the different Southern roads and though temperatures then were low and the season
many other roads likewise suffered decreases then— backward, whereas in March 1925 the reverse was
the anthracite carriers for instance, which were then true, the weather then being mild and the season far
comparing with the very heavy anthracite tonnage in advance of the ordinary. In 1924 the weather
accruing in their favor in March 1926, when mining was also mild and the roads suffered no setback on
in the anthracite regions was pushed with the ut- that account. Back in 1923, on the other hand,
most vigor following a strike period of nearly six weather conditions in March were extremely unfavmonths during which not a ton of anthracite was orable. Moreover, in 1923, the winter was very semined. Several of the Western transcontinental vere, also in January and February, with heavy
lines also made poor returns at that time, the un- snows, making the adverse effects cumulative and
favorable influences there having been the short entailing outlays of great magnitude on that acspring wheat crop of the previous season and the count. In discussing the severity of the winter
comparatively low level of farm values, though on weather in our review of March 1923 we pointed out
the other hand, Southwestern roads at that time that in nearly the whole of the northern half of the
were benefited by the large cotton crop and the oil country quite unusual weather conditions had prevailed. Here in the East in the last week of the
developments in the Southwest.
Altogether, the result was that our grand totals month the Weather Bureau in this city on several
then showed only relatively trifling changes, name- days reported the lowest March temperature recly, $432,616 increase in gross (a mere fraction of ords during its existence. And the cold persisted
1%) and $1,627,348 increase in net, or 1.21%. On right up to the close of the month. On the night of
the other hand, in March 1926 the showing was March 31-April 1, the latter being Easter, the offistrikingly good with noteworthy improvement in cial thermometer registered a temperature of as low
gross and net alike. Our compilations for March as 12 degrees above zero. Previously the tempera1926 recorded $43,668,624 gain in gross, or 8.99%, ture in this city on March 31 had never been below
2%. The fact is 25. Furthermore, dispatches from Washington,
1
and $24,561,652 gain in net, or 22/
that
these gains in D. C., in that year reported the coldest 1st of April
however,
to be borne in mind,
of
the years im- ever experienced at many points east of the Missisboth
in
losses
March 1926 followed
1925 our sippi River, with the mercury in Washington down
for
March
Thus
mediately preceding.
in gross to 15 degrees, 7 degrees under the record set April
decrease
$18,864,833
statement registered
1924 19 1875, and lower than ever registered after March
March
for
while
net,
in
decrease
and $5,447,665
Pittsburgh & Lake Erie-Pere Marquette
Delaware & Hudson_
Buffalo Rochester & Pitts
Maine Central
Southern Railway Co__ _
Los Angeles & Salt Lake_
NY Chicago za St Louis_
Chicago & Alton
Central Vermont
Central of New Jersey_ _ Monongahela
Union
Pitts St West Virginia_
Decreases.
$298,632
292.379
288.857
256,296
243,714
5243,490
223,457
198.816
184,382
172.990
171,399
153.835
148.823
148.598
Missouri Pacific Co
Detroit Toledo & Ironton
internat'l Great North
Yazoo & Miss Valley..._ _
Central of Georgia
Long Island
West Jersey & Seashore_
Bangor & Aroostook_
Evansv Ind & Terre iPte
Richmond Fred & Potom
Elgin Joliet & Eastern_ _ _
DseicriMi
130.040
129,309
126.941
125,686
119.021
ns.242
116.932
2880
FINANCIAL CHRONICLE
21 in any year since the establishment of the Washington Weather Bureau in 1870. But the cold in
1923 was not so much of a drawback as the snowfalls and the snow blockades. Added to the numerous snowstorms in February, which had then so
seriously increased operating costs, more particularly in New England and northern New York, there
were, in 1923, other snowstorms during March, some
of these in the West attaining the dimensions of blizzards. The result was that virtually everywhere
outside of the South operating costs were heavily
augmented. It was because of this that out of $59,806,190 increase in gross earnings in March 1923,
$56,386,866, as already stated, was eaten up by augmented expenses, leaving only $3,419,324 increase in
the net.
It has already been noted that the loss in the net
in 1925 and 1924 came after four successive years
of increase. On the other hand, prior to 1920, March
net had been steadily dwindling for a long period
past, until the amount had got down to very small
proportions. For instance, in March 1919 there was
a loss in net of no less than $52,414,969 in face of
an increase of $10,676,415 in the gross earnings, and
furthermore, March 1919 was the third successive
year in which the March expenses had risen to such
an extent as to wipe out the gains in gross receipts
-hence producing a cumulative loss in net. In the
following we give the March totals back to 1906.
For 1911, 1910 and 1909 we use the Inter-State Commerce figures, which then were slightly more comprehensive than our own (though they are so no
longer), but for preceding years, before the Commerce Commission had any comparative totals of
its own, we give the results just as registered by our
own tables each year-a portion of the railroad
mileage of the country being always unrepresented
in the totals in these earlier years, owing to the refusal of some of the roads then to give out monthly
figures for publication.
Gross Earnings.
Nd Earnings.
Year.
Year
Given.
Year
Inc.(+)or
Preceding. Dec. (-).
Year
Given.
Year
Inc.(+) or
Preceding. Dec. (-).
Mar ch- $
i
$
8
8
$
1906_ 129,838.708 116,861,229 +12.977,479 40.349.748 35,312.906 +5,036.842
1907 - 141.502.502 128,600,109 +12.980.393 40.967.927 40,904,113
+63,814
1908 _ 141,193,819 162,725,500 -21,531,681 39,328,528 45,872,154 -6,543.631
1909 _ 205,700,013 183.509,935 +22,190,078 69.613,713 55,309,871 +14,303,842
1910 - 238,725,772 205,838,832 +32.887,440 78,322,811 69,658,705 +8,664,106
1911 - 227,564,915 238,829.705 -11,264,790 69.209,357 78,357,486 -9.148.129
1912 - 237,564,332 224,608,654 +12,955,678 69.038.987 68.190,493
+848,494
1913.249,230,551 238,634,712 +10.595,839 64.893.146 69,168,291 -4.275,145
1914 - 250.174,257249.514,091
+660,166 67.993,951 64,889,423 +3.104,528
1915_ 238.157.881 253,352.099 -15,194,218 68.452.432 67.452.082 +1,000.350
1916 _ 296.830.406 238.098.843 +58,731,563 97,771.590 68,392.963 +29,378,627
1917 - 321.317,560294.068,345 +27,249,215 88,807,466 96,718,706 -7,911,240
1918 _ 362,731,238 312.276,881 +50,484,357 82,561,336 87,309,806 -4,748,470
1919. 375.772.7503'i5.096.335 +10.676,415 29,596,482 82,011.451 -52,414,969
1920 - 408,582.467 347,090.277 +61,492,190 40.872,775 27.202.867 +13,669,908
1921 - 456.978.940468.462,330 -1.483,390 58,538,958 39,882,602 +18,656,316
1922.473.433,836467.374.460 +16,059,426 113.468.843 58,831,644 +54,637,199
1923.533,5.53,199 473,747.009 +59.806.190 117,117,122 113.697,798 +3.419,324
1924 _ 504,016.114 534,644.454 -30,618,340 114,754,514 117,668,590 -2,914,076
1925.485,498,143 504.362.976 -18.864,833 109.230,086 114,677,751 -5,447,664
1926_ 528.905,183 485,238,559 +43,668,624 133.642,754 109,081.102 +24,561,652
1927.529,899.898 529.467.282
+432.616 135.691,649 134.064,291 +1,627,358
109St um 9'12 000 san 543 758 -25.410.659 131.840.275 135.874.542 -4.034.267
Nots.-Includes or March 96 roads in 1906: 94 In 1907; in 1908 the returns were
based on 152,058 miles of road; in 1909, 233,702: in 1910, 239,691; in 911, 244,081:
In 1912. 238,218: n 1913, 240,510; In 1914, 245,200: In 1915, 246,848: in 1916,
247,363; In 1917, 248,185; In 1918, 230,336: in 1919, 226,076; in 1920, 206,319: in
1921. 234.832: In 1922, 234,986; In 1923, 235,424; in 1924, 235.715; In 1925,236.659;
In 1926, 236.774: in 1927, 237.804;in 1928, 239,649.
When the roads are arranged in groups or geographical divisions according to their location, the
results are what might be expected in view of the
conflicting character of the influences at work with
the unfavorable features that predominated. In
other words, in the case of both the Eastern and the
Southern districts as well as the different regions in
both, gross earnings record general declines and the
same is true of the net earnings in all these different regions except that the Southern region shows
a trifling increase. In the case of the Western district, the result for the different regions is a very
[Vol,. 126.
notable gain in gross and net alike in the Northwestern region, but a decrease in both for the Central
Western region and the Southwestern region. Our
summary by groups is as follows. As previously explained we now arrange the groups to conform with
the classification of the Inter-State Commerce Commission. The boundaries of the different groups
and regions are indicated in the foot-note to the
table:
District and RegionGross Earnings
Month of March1928.
1927.
Inc.(+) or Dec.(-)
Eastern District8
9
$
%
New England Region (10 roads)
22,141,977 23,636.158 -1.494,181 6.32
Great Lakes Region (34 roads)
91,801,207
Central Eastern Region (31 roads)„....110,928,179 96,265,100 -4,463,893 4.64
124,484,774 -13,556,595 10.89.
Total(75 roads)
224,871,363 244,386,032 -19.514,669 7.89
Southern DistrictSouthern Region (31 roads)
71,233,294 74,445.743 -3,212,449 4.31
Pocahontas Region (4 roads)
21,505,816 24,779,553 -3,273,737 13.22
Total (35 roads)
92,739.110 99,225,296 -6,486,186 6.54
Western DistrictNorthwestern Region (18 roads)
57,873,178 54,203,490 +3.169.688 5.86
Central Western Region (23 roads)_ _
82,476,255 83,550,995 -1,074,740 1.29'
Southwestern Region (33 roads)
46,773,193 49,277,945 -2,504,752 5.08
Total(74 roads)
186.622.626 187,032,430
-409,804 0.22
Total all districts(184 roads)
504,233,099 530,643,758 -26,410,659 4.98
District and RegionNet Earning
March-mileage-1928.
1927.
Ine.(+) or Dec.(-)
Eastern District- 1928. 1927.
New England Region 7,317 7,373 5.894,722 6,473,300
-578,578 8.94
Great Lakes Region_ 24,888 24.953 22.428,288 22,741,726
-313,438 1.38
Cent. East. Region__ 27,198 27,137 26.657,204 31,768,255
-5,111,051 16.09
Total
59,403 59,463 54,980,214 60,983,281 -8,003,007 9.88
Southern DistrictSouthern Region_
40,024 39,538 19,943,375 19,738,181
+205,194 1.03
Pocahontas Region
5,622 5,617 7,006,077 9.088,469 -2,082.392 22.91
Total
45,646 45,155 26,949,452 28,826,650 -1,777,198 6.51
Western DistrictNorthwestern Region 48,665 48,509 14,515,712
Cent. West. Region_ 51,409 51,386 23,118.253 10,357,930 +4,157.782 40.14
-292,544 1.25
Southwestern Region 34,526 34,216 12,276,644 23.410,797
12,295,884
-19,240 0.16
Total
134,600 134,111 49,910,609 46,064,611
+3,845.998 8.35
Total all districts__ .239,649 238,729 131,840,275
135,874,542 -4,034,267 2.96
NOTE.-We have changed our grouping of the roads
to conform to the °Instil
cation of the Intro-State Commerce Commission, and
the following indicates the
confines of the different groups and regions:
EASTERN DISTRICT.
New England Region.-Tble region comprises the New England
States.
Great Lakes Region -This region comprises the section on
the Canadian boundary
between New England and the westerly shore of Lake Michigan
to Chicago. and
north of a line from Chicago via Pittsburgh to New York.
Central Eastern Region -This region comprises the section south
of the Great
Lakes Region, east of a line from Chicago through Peoria to
St. Louis and the
Mississippi River to the mouth of the Ohio River, and north of
the Ohio River to
Parkersburg, W. Va., and a line thence to the southwestern corner
of Maryland
and by the Potomac River to its mouth.
SOUTHERN DISTRICT.
Pocahontas Region.-Thle region comprises the section
north of the southern
boundary of Virginia, east of Kentucky and the Ohio River north
to Parkersburg.
W Va..and south of a line from Parkersburg to the southwestern corner
of Maryland
and thence by the Potomac River to its mouth.
Southern Region.-This region comprises the section east of the
Mississippi River
and south of the Ohio River to a point near Kenova, W. Va.,
and a line thence
following the eastern boundary of Kentucky and the southern
boundary of Virginia
to the Atlantic
WESTERN DISTRICT.
Northwestern Region.-This region comprises the section
adjoining Canada lying
west of the Great Lakes region, north of a line from Chicago to
Omaha and thence
to Portland and by the Columbia River to the Pacific
Central Western Region.-Thle region comprises the section
south of the Northwestern region, west of a line from Chicago to Peoria and thence
to St. Louis, and
north of a line Join St. Louis to Kansas City and thence to
El Paso and by he •
Mexican boundary to the Pacific
Southwestern Region.-Thle region comprises the section lying
between the Mir
eiaalppl River south 01St. Louis and aloe from St Louis to Kansas
City and teems
to El Paso andby the Rio Grande to the Gulf of Mexico.
Western roads, taking them collectively, enjoyed
a much larger grain traffic in March the present
year than last year. Not alone was the volume of
wheat and of corn moved much heavier, owing to the.
large spring wheat and corn crops, but all the different cereals, without exception, contributed to the
increase. The receipts of wheat at the Western primary markets for the five weeks ending March 31
were 29,205,000 bushels, against 21,012,000 bushels
in March 1927, the gain here being largely at the.
spring wheat points, Minneapolis, Duluth and.Omaha; the receipts of corn, 47,955,000 bushels against
21,426,000; the receipts of oats 15,238,000 bushels,
against 11,282,000; of barley, 5,623,000 bushels,
against 2,439,000, and of rye, 1,724,000, against
1,677,000 bushels. For the five cereals combined,
the receipts aggregated 99,745,000 bushels in thefive weeks of 1928, as compared with 57,836,000,
FINANCIAL CHRONICLE
MAY 12 1928.]
2881
The Western livestock movement, on the other
bushels in 1927. The details of the Western grain
movement in our usual form are given in the table hand, was on a somewhat reduced scale. At Chicago the receipts in March comprised 19,804 carwe now present:
loads,
as against 20,707 carloads in the month last
WESTERN FLOUR AND GRAIN RECEIPTS.
year; at Kansas City, 7,042 cars, against 7,759 cars,
Flour.
Wheat,
Corn.
Oats.
Barley.
5 Wks.Ended
(bbls.)
(bush.)
(bush.)
(bush.)
Mar. 31.
(bush.)
(bush.)
and at Omaha, 8,920 carloads, against 8,803 cars.
Chicago1,212,000 2,416,000 16,748,000 5,414,000
1928
831.000
246.000
1,227.000 1,699,000 8.742,000 3,917,000
1927
570,000
126,000
As to the cotton movement in the South, this was
Milwaukee195,000
150,000 2,524.000
1928
425,000 1,189,000
102.000 on a greatly reduced scale, owing to the much
163,000
176,000
1927
737,000
815,000
771,000
122,000
smaller crop of the staple. Gross shipments overSt. Louis620,000 2.864.000 5,762,000 1,952,000
1928
121,000
7,000
1927
609,000 2,037,000 1,960,000 1,886,000
12.000
95.000 land aggregated only 80,532 bales, as against 122,Toledo411,000
1928
176,000
255,000
6,000 323 bales in 1927, 77,256 bales in 1926, 143,979 bales
5,000
1927
1,136,000
365,000
444.000
29,000
3,000
in 1925, and 76,701 bales in March 1924. Receipts
Detroit1928
154,000
201,000
136,000
30,000 of the staple at the Southern outports (where the
1927
207,000
218,000
72,000
52.000
.,
Peoriasize of the crop is most clearly indicated) were only
1928
401,000
144,000 2.944,000 1,229,000
278.000
5,000
1927
336,000
78,000 2,290,000
908,000
175,000
17,000 333,456 bales in March 1928 against 893,604 bales
Duluth1928
4,474.000
96,000
80,000
682.000
890,000
1927
2,609,000
2.000
80,000
82,000 1,050,000 in March 1927 and 495,262 bales in March 1926, as
MinfleoPait1928
10,281,000 1,605,000 2,329,000 2,504,000
437,000 will appear from the following table:
1927
Kansas Ci41928
1927
Omaha & Indianapolis1928
1927
sou:cuy-
1928
1927
St, Joseph1928
1927
Wichita1928
1927
Total All1928
1927
5,989.000
797,000 1,108,000
4,091,000 6,848,000
3,774,000
979,000
824.000
186.000
400,000
287,000
RECEIPTS OF COTTON AT SOUTHERN PORTS IN MARCH AND SINCE
JAN. 1 TO MARCH 31 1928, 1927 AND 1926.
Ports.
1928.
103,000 1,333,000
136,000
307,000
422,000
262,000
8,000
2,000
738,000 1,573,000
573,000
674,000
186,000
138,000
5,000
1,495,000
1,300,000
300,000
46,000
Bina Jan. 1.
March.
1,884,000 7,845,000 2.398,000
1,298,000 4.309,000 1,315.000
1,000
12,000
50.000
2,428,000 29,205,000 47,955,000 15,238,000 5,623,000 1,724,000
2,335,000 21,012,000 21,426,000 11,282,000 2,439,000 1,677,000
Galveston
Texas City, Sto
New Orleans
Mobile
Pensacola, eco
Savannah
Charleston
Wilmington
Norfolk
Total
1927.
1926.
1928.
1927.
1126.
101,435 230.117
65,096 231.890
77.513 225,372
12,067
22,804
444
1,063
35,674
87,469
11,522
53,435
14,645
18,170
27,417
10,916
123,369 405,557 749,604 556,371
101,136 293,887 803.875 390,959
143,547 314,318 675,572 495,388
66,979
11,891
35.934
34,802
1,718
1,138
556
1,311
63,787
83,783 240,480 150.986
79,159
25,796
37,391 116,483
30,654
7.670
38.384
22,750
90,454
66,874
17,520
28.544
333,456
495,262 1,229,359 2,784,549 1,798,417
893,604
Indications of Business Activity
STATE OF TRADE-COMMERCIALIEPITOME.
Friday Night,May 11, 1928.
With warmer weather at times at the West trade has been
benefitted. Chicago has had 78 degrees, Cincinnatti 76,
and Cleveland 84 degrees, while New York of late has been
as high as 74, and Philadelphia 76. Retail trade has been
larger. The best showing recently has been in automobile
building and steel industries, though of late the demand for
stael has on the whole been less active. It is significant however, that the best support of the steel trade is the demand
from the automobile trade. The weather has been better for
building. With good weather business in general will no
doubt improve. It is too cold at the south. Most of the
agricultural commodities are believed to be on a payingbasis,
with No. 2 red wheat here as high as $2.13 and corn well
above $1. Cotton is 6 cents higher than a year ago. Wheat
has declined some 3 to 4 cents during the week, owing to
beneficial rains and also because of a weakened technical
position. The government report put the winter wheat crop
at close to 480,000,000 bushels, against 552,384,000 bushels
harvested last year. To-day there were export sales of 1,000000 bushels which included some American durum wheat for
Italy, Manitoba being taken by Portugal and Spain. Rye
on the other hand has advanced noticeably with the Government report unfavorable and more or less export demand also
to brace the price. The crop is estimated at nearly 20,000000 bushels smaller than that of a year ago, the present outlook being for 39,400,000 bushels. Itlooks as though Europe
would have to buy American rye more freely, and may also
have to take American oats on a not unimportant scale.
This grain has advanced slightly and there is understood to
be more or less export inquiry. It is regrettable that frost
threatens in the Northwest to-night and this may halt field
work for a time. But the technical position of wheat after
very heavyrecent liquidation is plainly better, and the tone
of most of the other grain markets to-day was firmer.
Cotton has advanced during the week about sAc owing
to continued drought in Western Texas and cold weather
all over the belt giving rise to renewed fears of an inadequate
crop this year. There is yet time to recover the lost ground,
but it seems clear enough that the weather for some time
to come must be more than ordinarily favorable to bring
this about. To-day significantly enough, European interests were trying to secure firm cotton offers for shipment
of the new crop from October to June. Exports of cotton
from this country still lag far behind those of a year ago, but
it would seem that between now and the close of the seaso
on August 1st the efflux of cotton from Anerican ports
must increase unless there is a very marked change for the
better in the general crop outlook. A sort of Achilles heel
in the cotton situation is the dullness in some branches of
the cotton goods industry, although we are told that the sales
of standard cotton cloths in April were 117% of the output
and that the unfilled orders at the end of April were 22%
larger than at the beginning of that month. But there
is complaint about current prices for cotton goods; the
margin of profit is too small it is said, and there are even
hints that sales are made at a loss. In Manchester trade
is quiet, with East Indian bids unsatisfactory and the
situation in China disturbed by the clash with Japan.
The lead just now in general trade in this country is in
the automobile industry. Automobile exports in March
broke all records. At Detroit employment is up to 253,800
a gain for the week of 445 while the total is 28,475 larger
than a year ago, and 8 300 larger than at this time in 1926.
In other words the total is at a new peak in this industry.
But as regards building permits for four months of the
present year they are the smallest in five years. The sales
by chain stores in April showed an increase of 7%,as against
an increase of 22.5% in March. The increase for four
months of this year over the same period last year however,
is 15%. In mail orders there was a decrease in April
compared with the same month last year of 1.3%, but for
four months there is an increase over the like period of
1927 of 3.6%. Chain and mail order stores combined increased their sales in April 4%% per cent over the same
month last year and for four months there is an increase
of 11.4%. In department stores there was a decrease in
April of over 8%, while for three months of this year there
is an increase of 13/%. Wholesale trade makes a less
favorable showing than it did in the first two months of
the year. As a rule there was a decrease in wholesale
trade last year compared with the previous year. For
three months of the present year there is a decrease
compared with the like period last year of .6 of 1%. In
other words trade in general has been more or less affected
by bad weather. Increases in chain and mail order stores
are not nearly so large as they were in the first three months
of the year. Wholesale and jobbing trade in general for
the past week has not made a good showing. There is a
somewhat larger mining of soft coal, but the April output
of only 32,200,000 tons was 7% smaller than in the same
,2882
FINANCIAL CHRONICLE
month last year, when the union mines were idle because
of the strike. Steel as already intimated, does not make
so good a showing as it did at one time earlier in the year,
although curiously enough the output in April showed the
highest daily average on record. Unfilled steel orders of
the U. S. Steel Corp. reveal a decrease in April of 463,073
tons although they were still 416,000 tons larger than in
the same month last year. During the week most commodities have shown little or no change in prices; a few have
declined, but about the same number have advanced.
There is said to be a better trade in woolen goods and worsteds both wholesale and jobbing going on than there was a
year ago. And the sales of such building materials as brick
and cement are larger than at this time last year.
• Sugar has declined somewhat for future delivery, though
• it ends a shade higher on prompt Cuban. The Cuban
statistical situation is believed to be better, but the sale of
the refined product Is slow, with more or less reselling at
under refiners' prices. Coffee has advanced sharply,showing,
not for the first time by any means, that the Defence Committee at Brazil has the situation well in hand, whatevermay
• he intimated from time to time to the contrary and whatever
may be said as to the soundness of its economic position in
the long run. Brazilian crop estimates have been reduced
and Brazilian and Boston buying has had a noticeable effect,
while the daily receipts have been cut. But taking general
'trade the country over, the truth is that what it needs as
much as anything is clear bright warm spring weather and
that is something that no part of the country has had thus
far for any length of time.
Stooks continued their historic activity and prices to-day
were sharply higher on the majority of issues as the rediscount
rate of the Federal Reserve Bank of New York remained
unchanged, call money was still 5%% and foreign exchange
firm, with sterling up 3-16d. Cotton advanced noticeably
and the grain markets also showed an advance for the day,
with a better export demand. Industrial issues were conspicuously firm and Radio was up 7A%. Japanese bonds
rallied sharply following the Japanese victory in China and
the bond market in genereal was better. Japanese exchange
and securities declined sharply here on the 9th inst. owing to
the clash between Chinese and Japanese troops.
At Fall River, Mass. on May 7 after a shutdown of three
weeks, the Arkwright Mills resumed operations and are
running 85% of capacity. The weaving.department was
running in full. Fall River fine goods workers have not
joined the strikers of New Bedford despite the efforts of the
latter to bring this about. At Warren, Mass., the Parker
Mill resumed operations on the 7th in accordance with
arrangements made at a conference last week between union
members and mill officials. It is running at 50% three
days a week. New Bedford, Mass, reports a possibility
of amalgamation of American Federation of Textile operatives with United Textile Workers of the World. This
move might result in New Bedford strikes spreading to
Fall River and other New England textile cities.
At
Nashua, N. H. on May 10 the Nashua Manufacturing Co.'s
Jackson mill was closed down until June 4. The Jackson
Mill has been on a curtailed schedule. About 500 operatives
are employed., The Nashua Manufacturing Co. and other
oeal mills have not out wages. With some exceptions New
Hampshire cotton mills continue to operate on a curtailed
schedule. They have done so for the past four or five
Conditions, in both the cotton and woolen
years.
very spotty. At Greenindustry are termed
ville, S. C. mills report that inquiries for goods have been
more numerous during the past week, but that few salse
have been made because buyers have not raised their bids
to a parity with the advance during the past two weeks in
raw cotton. Chattanooga, Tenn. wired that textile mills
are running on full time and production is about equal to
that of a year ago.
F. W. Woolworth & Co's. sales for April were $21,936,947,
an increase of 1.8% over April, 1927. Sales for the first four
months of this year were $79,883,256, an increase of 5.8%
over the corresponding period last year.
The weather here was cooler early in the week, after the
highlreeent temperatures. On May 7th New York was 44
59 as against as high as 77 last week. Boston was 48 to 52;
Montreal 48 to 54; Chicago 48 to 52; Cincinnati 56 to 62;
Milwaukee46to52;KansasCity72to 74; Minn3apolis 68to 72.
On the 8th inst. New York had 47 to 61 degrees, Boston
48 to 56, Chicago 70 to 72, Cincinnati 64 to 68, Kansas
City 80 to 84 and Minneapolis, curiously enough, 78 to 80.
This afternoon it has been raining but at 3 P.M. it was
[VOL. 126.
70, as against 58 at A.M. The forecast was for cloudy
and cooler weather here on Saturday and fair and cool on
Sunday. Within 24 hours Boston was 46 to 60; Chicago
54 to 78; Cincinnati 62 to 86; Cleveland 52 to 84; Kansas
City 52 to 88; Milwaukee 54 to 70, Philadelphia 56 to 76
and St. Paul 46 to 70. The range at New York was 56 to
74. In North Dakota frost was predicted for tonight. It
is strange weather apparently the world over. It was 49
to 50 minimum in parts of the South. There was snow in
Berlin.
Monthly Indexes of Department of Commerce—Gain in
Production of Raw Material in March as Compared
with Previous Month.
According to the Department of Commerce the production of raw materials in March was greater than in February
but somewhat lower than in March of last year, declines
from a year ago being registered in the output of minerals
and the marketing of crops, other groups increasing. In
presenting the indexes of production, stocks and unfilled
orders under date of May 2, the Department adds:
Manufacturing production showed a gain over the preceding month, but
was slightly lower than a year ago, after adjustments for working time
differences. The unadjusted Indexes showed gains over the previous
month in all groups except textiles, which showed no change. As compared with a year ago, all groups showed smaller output except foodtuffs,
iron and steel, lumber and tobacco products, which increased, and leather,
which was unchanged.
Commodity Stocks.
Stocks of commodities held at the end of March, after adjustment for
seasonal conditions, were lower than at the end of the preceding month
but slightly hIzber than a year ago declines from the proceeding month
were registered In all groups except manufactured foodstuffs, which increased. As compared with a year ago, stocks of raw materials, both food
and other, were held In smaller quantities, while manufactured foodstuffs
and other manufactured commodities showed gains.
Unfilled Orders.
Unfilled orders for manufactured commodities at the end of March were
lower than at the end of either the previous month or March of last year.
Unfilled orders for iron and steel showed no appreciable change from the
preceding month but were higher than a year ago, all other groups declining
from both prior periods.
The index numbers of the Department of Commerce are given below:
Feb.
1928.
Mar.
1928.
Mar.
1927.
Production (Index Numbers: 191100).
Raw materials: Total
Minerals
Animal products
Crops
Forestry
Manufacturing, grand total (adjusted)
Total (unadjusted)
Foodstuffs
Textiles
Iron and steel
Other metals
Lumber
Leather
Paper and printing
Chemicals and oils
Stone and clay products
Tobacco
Automobiles.
Miscellaneous
106
124
113
93
109
130
125
119
112
133
144
135
89
98
176
99
116
197
127
111
134
123
92
117
134
139
129
112
152
163
145
98
105
189
117
128
251
154
113
152
118
93
112
136
141
110
133
150
170
138
98
4116
190
138
127
261
159
Commodity Stocks (Index Numbers: 1923-1925=100).
(Unadjusted).
Total
Raw foodstuffs
Raw materials for manufacture
Manufactured foodstuffs
Other manufactured commodities
151
189
149
90
138
149
198
130
97
134
146
193
138
84
128
(Adjusted for Seasonid Element.)
Total
Raw fordstuffs
Raw materials for manufacture
Manufactured foodstuffs
Other manufactured commodities
145
168
159
98
137
138
157
144
104
181
136
101
183
86
125
Unfilled Orders (1923-192100).
Total
Textiles
Iron and steel
Transportation equipment
Lumber
82
81
90
64
76
ao
72
90
62
74
81
89
76
86
79
• Included In miscellaneous group.
Preliminary Reports to Federal Reserve Board Indicate
Falling Off in Retail Trade in April as Compared
with Last Year.
Sales of retail firms in April, as indicated by preliminary
reports to the Federal Reserve System, were smaller than
in April 1927. Sales of 505 department stores were 8%
smaller than in April of last year, and those of mail order
houses and five-and-ten-cent stores were also smaller. The
unfavorable comparison with last year reflects in considerable part the fact that the number of trading days in the
month was smaller this year by one day and that the date
of Easter was earlier in the month. The Board on May 9
added:
Department store sales were smaller than a year ago in all sections of
the country, the largest declines being in the Boston, Philadelphia, Cleveland and Minneapolis districts, where they amounted to more than 10%.
In the San Francisco district sales were only 2% less than In April of last
year. the smallest decline for any district.
Percentage changes in dollar sales between April 1927 and 1928. together
with the number of stores reporting, are gives in the following table:
MAY 121928.]
Federal Reserve District.
FINANCIAL CHRONICLE
Percentage
-I
of
Number of Stores.
Increase or Decrease
in Sales
Number Reporting.
April 1928 Compara
Total
with April 1927. Reporting. Increase. Decrease.
-11.5
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
-12.0
-10.5
--7.2
--5.4
--9.6
--17.1
--8.1
--7.5
-2.0
Total
Mall order houses
Five-and-ten-cent stores
-8.2
-1.3(2 houses)
-0.2 (8 chains)
73
52
80
42
39
27
53
21
18
29
18
53
10
6
12
7
7
6
5
4
1
4
4
15
63
46
68
35
32
21
48
17
17
25
14
38
505
81
424
Prices of All Farm Products Advance During Month
Higher prices of all farm products except dairy and poultry products during the period March 15 to April 15 raised
the index of the general level of farm prices from 137%
to 140% of the pre-war level, reports the Bureau of Agricultural Economics, United States Department of Agriculture. At 140 the index is 15 points above the index of
a year ago. The Department's advices April 30 also state:
Farm prices of hogs in the Corn Belt advanced about 5% during the
month, while prices in other areas showed little change. The rise in
the farm price of hogs is reported to be due primarily to lighter market
receipts. The corn-hog ratio continued to decline due to the fact that
the farm price of corn advanced more than the price of hogs.
The farm price of corn advanced about 7% during the one-month
period, the increase being uniform throughhout the country. The higher
price is attributed largely to the increased feeding demand in the East
and to unfavorable weather for planting both corn and oats.
Sheep and lamb prices advanced from March 15 to April 15, lighter
receipts at principal markets due to the unfavorable weather which has
held back the early lamb crop being an important factor influencing the
rise. The farm price of wheat on April 15 was about 6% above that on
the same date the preceding month, the unfavorable winter which resulted in a very low wheat crop condition April 1 probably being an
influencing factor in the advance.
The fami price of potatoes advanced during the month, relatively light
receipts of early new potatoes apparently having stimulated the movement
of the old crop and tended to maintain prices.
Compared with a year ago, the textile and pulp and paper industries
registered a drop. The rate of activity in the textile industry was almost
under April of last year.
The rate of industrial activity in April, compared with the corresponding
month last year, all figures adjusted to
working days, and based on
monthly consumption of electrical energy by manufacturing plants as
reported to "Electrical World"-monthly average
equals 100follows:
Apr. Apr.
Apr. Apr.
1928. 1927.
1928. 1927.
All industria groups
119.3 116.9 Automobiles and parts
148.7 126.7
Metal industries group.....123.2 114.9 Stone, clay and glass
133.6 117.4
Rolling mills and steel plants125.4 123.5 Paper and Pull)
120.5 124.2
Metal working plants
121.7 106.3 Rubber and its products___121.7 115.7
Leather and its products__ _ 98.8 101.3 Chemicals& allied products_131.7 108.0
Textiles
109.8 128.3 Food and kindred products.105.9 104.2
Lumber and its products. _115.4 111.4 Shipbuilding
93.3 12 .8
15%
26
1923-25
Production of Electric Power in the United States in
March Increased About 6% Over same Month
a Year Ago.
The total output of electric power by public utility plants
in the United States in the month of March amounted to
7,221,556,000 kilowatt-hours, as compared with 6,879,718,000 kilowatt-hours in. February last and approximately
6,840,000,000 kilowatt-hours in March 1927, according to
the Division of Power Resources, Geological Survey. Of the
total for March of this year 2,830,490,000 kilowatt-hours
were produced by water power and 4,391,066,000 kilowatthours by fuels. The survey further shows:
PRODUCTION OF ELECTRIC POWER BY PMILIC1-111'ILITY POWER.
PLANTS IN THE UNITED STATES (IN KILOWATT HOURS).
CONSTRUCTION CONTRACTS FIRST FOUR MONTHS.
1928.
1927.
$352,872,400
$319.354,100
83,826,100
83,423,200
20,771,800
15,399,800
45.323.600
34,767,000
Totals
$502,793,900
$452,944,100
New building and engineering work started in the Metropolitan area during the week Apr. 28 through May 4
amounted to $34,631,600, which was just slightly over the
amount ($34,558,000) recorded during the previous week.
Included in last week's total were: $23,975,100, or 69% of
all construction, for residential buildings; $4,750,400, or
14%, for public works and utilities; and $4,237,300, or
12% for commercial buildings. Last week's contract total
brought the daily average of new construction started in this
territory since the first of this year up to $5,033,500, as
compared with a daily average of $4,470,700 for new work
contracted for during the first five months of last year.
Gain in April in Industrial Activity Based on Consumption of Electricity by Large Manufacturing
Plants.
Electrical energy consumption by large manufacturing
plants in April was close to 1% higher than in the preceding
month and 2.2% greater than in the same month last year,
according to "Electrical World." Returns received from
3,000 companies scattered throughout industry reveal that
the rate of production for the first four months of this year
was 3.7% higher than that witnessed in .the corresponding
period in 1927. The publication also says:
The index of activity in general industry, based on consumption of elecfor April, as compared with
trical energy, stands at
in March,
The average for the first four months
in April
and
is
in the same time last year.
as against
Ferrous and non-ferrous metal working plants reported a
increase
in operations during April, and the rate of operations was about 14%
above last year. The automobile plants, including the production of
The stone, clay and glass
repair parts, gained in April to the extent of
group also moved ahead last month, the gain over March amounting to
10.3%.
116.9
116.5
119.3
1927.
Jan.'28.
120.9
9%.
Feb.'28.
Increase In Output
from Prey. Year.
Mar.'28.
New England
511,327,000 481,648,000 500,347,000
Middle Atlantic_ _ _ _ 2,012,406,000 1.887,593,000 1,920,801.000
East North Central. 1,735,858.000 1,659.322,000 1,734,648,000
WestNorth Central. 439,430,000 411,457,000 418,332,000
South Atlantic
805,295,000 759,578,000 869,894,000
East South Central_ 298,731,000 294,137,000 300,455.000
West South Central. 308,794.000 284,434,000 297,150.000
Mountain
291,992,000 288,114,000 306,749.000
Pacific
860,802,000 813,435,000 873.180.000 .
Feb.
Mar.
8%
12%
12%
14%
5%
13%
19%
9%
14%
6%
1%
5%
6%
6%
13%
17%
8%
9%
Total U.8
7,264,635,000 6,879,718,000 7,221,556,000 11%
6%
The average dal y production of electricity in March was
kilowatt-hours per day, about
less than the average daily output in
February. The decrease in the daily output In March indicates the
beginning of the usual seasonal decline in demand for electricity
due to the
Increase in the hours of daylight and to the moderation in
temperature as
summer approaches. The output by the use of water power
in March was
of the total; the corresponding figure for February was
The total output of electricity by public utility power
plants for the
first quarter of
was
kilo-watt-hours, an increase of
over the output of
kilowatt-hours for the first quarter
of
The output for the first quarter of
larger than
the output for the first quarter of
TOTAL MONTHLY PRODUCTION OF ELECTRICITY BY
POWER PLANTS IN 1927 AND 1928.PIIBLIC-UTILITY
233,000.000
2%
37.6%.
1928
21,367,000.000
19.836,000.000
1926.
1927.a
1928.
1927 was 10%
Increase
1928
Over
1927.
Produced by
Water Power,
1927.
1928.
6,830,000,000 7,265,000,000
6%
36%
38%
6,166,000,000 6,880,000,000 b12%
37%
38%
6.840,000,000 7,222,000,000
6%
39%
39%
6,482,000,000
6,600,000,000
6393,000.000
6,477,000,000
6,693.000,000
6,605,000,000
6,932,000,000
6,876,000,000
7,211,000,000
,
Total
80,205,000.000
37%
---a Revised totals. b Part of increase is due to
Februairy 1928 being one day
longer than February 1927.
The quantities given in the tables are based on the operation
of
power
plants producing 10,000 kilowatt-hours or more per month,
engaged in
generating electricity for public use, including central stations and electric
railway plants. Reports are received from plants representing over
of the total capacity. The output of those plants which do not
submit
reports is estimated; therefore the figures of output and fuel consumption
as reported in the accompanying tables are on a
100% basis.
The Coal Division, Bureau of Mines, Department of Commerce, cooperates in the preparation of these reports.
January
February
March
April
May
June
July
August
September
October
November
December
all
95%
Orders for Electrical Goods in First Quarter of 1928
Above Those for Last Quarter of 1927.
New orders booked during the first quarter of 1928, as
reported to the Department of Commerce by 86 manufacturers of electrical goods, were $244,916,615, as compared
with $239,999,298 for the last quarter of 1927 and $243,651,415 for the first quarter of 1927. The following totals
of bookings for each quarter since the beginning of 1923 are
presented, not as a complete statement of the industry, but
as probably sufficiently representative to indicate the trend:
ORDERS FOR ELECTRICAL GOODS.
118.2
3.5%
Total by Fuels and Water Power.
Dist:ton.
Construction in Metropolitan Area Ahead of Last Year
According to F. W. Dodge Corp.
39.2%
Construction contracts awarded during the first 4 months
of this year in the Metropolitan district of New York was
11% ahead of the total for the first four months of last year, 7.7%
1927.
according to F. W. Dodge Corp. The increases were uniform throughout the district as is shown in the following
table:
New York City (five boroughs)
Northern New Jersey
Nassau and Suffolk Counties
Westchester County
2883
Q2arter.
1923.
1924.
1925.
1926.
1927.
1928.
$
$
$
$
$
$
_ 225,399,383 228,760,838 233,023,182 262,677,736 243,651.415
244,916.615
Second__
First.- 240,542,824 221,167,876 227,502.652 248,000,075
Third_. 201,910,099 185,747,314 232,933.532 241,114,209 236,427,121
Fourth.218.165,415 231,470,552 244,597,050 260,078,082 *235847857
.239999298
Total_ 886,017,721 867.146.580 938,056,416 1011870102
964,923.691
_
2884
FINANCIAL CHRONICLE
Detroit Employment Higher-Gains At Ford Plants.
The "Wall Street News" announces the following from
Detroit May 11. Detroit Employers' Association reports
opployment figures for the week ended May 8 as 253,835,
an increase of 445 over last week and an increase of 28,477
over the corresponding period last year.
Detroit advices published in the "Wall Street Journal"
of May 10 stated;
[Wu 126.
Review of Business Conditions by National Park Bank
-Record Trading and Outstanding Developments
of First Four Months of Year.
"There has been further progress in the upswing of business during the past month, and in no year since the World
War ended have the opening four months brought more
interesting, diverse, or suggestive changes than those encountered so far in 1928," says the National Park Bank of
New York under date of May 3. In its comment on conditions the Bank also says:
Employment at local plants of Ford Motor Co. now totals 108,821.
ar within 1.179 of peak employment in 1926, compared with the low point
of 52,000 last summer. During the past week 2,190 were added to payIt has been altogether an extraordinary sixteen weeks' period characrolls of the three local Ford plants. Fordson plant now employs 73,318 terized by record trading in securities, a steadily upward trend in
against 71,378 a week ago: Highland Park 30,811, against 30,507, and money rates, increased activity in business, some reduction in unemployLincoln plant 4,672 'against 4,746.
ment, huge gold shipments, improved conditions in farming states, heavy
sales by the mail order houses, and a total national purchasing power
Railroad Revenue Freight Loading Still Below 1927 which reflects better than almost anything else the prevalent prosperity
and 1926.
in the United States to-day. The outstanding developments have been
the continued expansion in building with actual contracts awarded suffiRevenue freight loading for the week ended on April 28 cient
to insure activity in these lines for many months to come and
Amerithe
of
Division
Service
Car
the
totaled 961,928 oars,
the inevitable benefits accruing to the great variety of related industries
can Railway Association announced on May 8. Compared which always have plenty to do when the country ie making huge conoutlays; the increased demands for automobiles with heavy retail
with the preceding week, this was an increase of 17,234 struction
sales induced partly by the general reduction in prices and
some extent
cars, with increases being reported in the total loading of all also by the greater variety of models comprising what hastobeen
unquescommodities except forest products and merchandise less tionably the most beautiful and serviceable designs in both the lower
and
fields;
priced
the
higher
and
priced
broader
buying
of
steel
with
The
decreases.
slight
showed
which
freight,
lot
than carload
the release of orders by large consuming interests that are ordinarily
total for the week of April 28 was a decrease, however, of very shrewd in their market operations. There has been a good
deal
59,648 oars below the same week in 1927 as well as a decrease of unevenness in industry, however, with some of the lesser lines
activity.
On
other
reduced
the
showing
hand,
there
two
week
has
corresponding
a
been
notable
of 33,480 oars compared with the
improvement in sentiment with the general public evincing greater hopeyears ago. Particulars follow:
fulness about the future of business and finance in this exceptionally inMiscellaneous freight loading for the week totaled 384,646 cars, a decrease teresting Presidential year.
of 11.079 cars below the corresponding week last year and 1924 cars below
the same week In 1926.
Coal loading totaled 156.683 cars, a decrease of 5,406 cars below the same Analysis of Imports and Exports of
the United States
week In 1927 and 8,972 cars below the same period two years ago.
for March.
Grain and grain products loading amounted to 43,240 cars, an increase
same week
of 86 cars over the same week last year and 5.267 cars above the
The Department of Commerce at Washington April 26
in 1926. In the western districts alone, grain and grain products loading
totaled 29.965 cars, an increase of 6.694 cars above the same week in 1927. issued its analysis of the foreign trade of the United States
Live stock loading amounted to 29.800 cars, an increase of 344 cars over for the month of March and the three months ending with
the same week last year but 2,043 cars under the same week In 1926. In March. This statement indicates how
much of the merthe western districts alone, live stock loading totaled 23.492 cars, an
chandise exports for the past two years consisted of crude or
Increase of 545 cars compared with the same week in 1927.
Loading of merchandise less than carload lot freight totaled 259,196 cars, of partly or wholly manufactured products. The following
a decrease of 1,040 cars under the same week in 1927 and 3,708 cars under
is the report in full:
the corresponding week two years ago.
Forest products loading amounted to 63,819 cars, 6,862 cars below the ANALYSIS OF EXPORTS FROM AND IMPORTS INTO THE UNITED
STATES FOR THE MONTH OF MARCH 1928-(Value in 1,000 Dollars)
same week last year and 13,740 cars under the same week in 1926.
Ore loading totaled 14,060 cars, 35,044 cars under the same week last
ago.
years
two
week
same
Month of March.
the
Three Months Ended Mar
year and 6,751 cars below
Coke loading amounted to 10.504 cars. 657 cars below the same week in
1927.
1928.
1927.
1928.
1927 and 1,609 cars below the corresponding week in 1926.
Group.
Value. P. C. Value. P. C. Value, P. C. Value, P. C.
All districts except the Centralwestern and Southwestern reported
same
the
with
compared
as
commodities
all
of
decreases in the total loading
materials
107,411 27.0 91.620 22.3 332.73128.3 298,97025.4
week last year while all except the Pocahontas reported decreases compared Crude
19,978 5.0 14.821 3.6
Crude foodstuffs
63.142 5.4
46,205 3.0
with the same period two years ago.
Manufac. foodstuffs_ _ 37,188 9.3 42.820 10.4 116,726 9.9 125.595 10.7
years
previous
Loading of revenue freight in 1928 compared with the two
Semi-manufactures... 57.840 14.5 63,189 15.4 172.299 14.7 182,698 15.6
175,829
44.2
manufactures
Finished
198.354
48.3 489,382 41.7 521,874 44.4
follows:
1926.
1927.
1928.
5 100.0 1,174,280 100.0 1,175,341 100.0
55
80
3,447.723 3,756,660 3.686,696 Total domestic exports 398,246 100.0 4110:6
Four weeks in January
10.728
3,589.694 3.801,918 3.677,332 Foreign exports
26,533
28,392
Four weeks in February
4,982,547 4,805,700
4,752.031
Five weeks in March
Tots! exports
408,974
3,738.295 3,875,589 3,862,703
421,460
1,200,813
1,203,733
Four weeks in April
Imports151,319 40.0 145,554 38.3 419,315 40.1 409,802 38.3
15,527.743 16.416,714 16,032,431 Crude materials
Total
42,979 11.4 53,451 14.0 129,785 12.4 149,297 14.0
Crude foodstuffs
Manufac. foodstuffs_ _ 46.133 12.2 40.755 10.7 112,895 10.8 105,519 9.9
8%.
April
Over
Increase
_
_
in
17.1 64,963 17.1 182.653 17.5 190,527 17.8
64,628
Semi-manufactures.
Sales
Chain Store
Finished manufactures 73,272 19.3 75,548 19.9 201,401 19.2 214,048 20.0
Sales of 16 chain store companies for the month of Apri
378,331 100.0 380.271 100.0 1.046.048 100.0 1.069,193 100.0
8.4%, Total imports
totaled $94,802,303, an Increase of $7,373,297, or
over the corresponding month a year ago, accord,ng to
tatistics comp led by Merrill, Lynch & Co. of this city.
sThe National Tea Co.led all others in point of dollar gai
and also in point of percentage gain with an increase of
$2,508,080, or 51.6%, over April 1927. The Peoples Drug
Stores, Inc., Neisner Bros., Inc., Safeway Stores, Inc.,
and the Kroger Grocery & Baking Co. followed in point of
percentage gain with increases of 40.3%, 29.1%, 25.3%,
and 22.3%, respectively.
Sales for the four months ended April 30 1928 for the
same number of stores, amounted to $346,911,257, or an
increase of $49,362,495, or 16.5%, over the same period in
A
the preceding year, when total sales were $297,548,762.
eomparative table follows:
Conditions in Cleveland Federal Reserve District
Practically Unchanged From Previous MonthRubber and Tire Industry.
According to the Federal Reserve Bank of Cleveland "the
uptrend in general business in the Fourth [Cleveland] District, so noticeable in the first quarter, has been less marked
In April. Some seasonal gains have taken place, but outside of these, conditions are not much changed from a month
ago." The Bank makes this statement in its May 1 "Monthly
Business Review from which we also quote the following:
As for individual lines, the important iron and steel 'industry has maintained its first quarter pace throughout April, the steel market being
supported principally by automotive demand. The tire industry has been
adversely affected by the sharp drop in crude rubber prices. Building
contracts awarded in March were unusually large, but cold weather in
First Four Months.
Month of April.
April has held back some new building. Motor and accessory concerns
P. C. are doing well, particularly the latter. The clothing trade is fair to good,
P. C.
Inc. but shoe manufacturing operations have quieted down after the excel1927.
1928.
Inc.
1927.
1928.
379,883,256 $75,445,955 5.9 lent showing of January and February. The coal industry remains dex1.8
$22,351.401
$21,936,947
pressed, although demand is slightly better. Retail trade showed up
F. W. WoolworthKroger Grocery az 15,308,383 12,512,103 22.3 59,528,383 51,359,869 15.9 very well in March. The winter wheat crop in Ohio is the worst in
Making
x5.3 42,793,309 37.128,576 15.2 forty years.
13.720.856
12,993,109
I. C.Penney
36.235,319 9.3
•
10,784,034 10,787,542 10.3 39,616.452
S. B. Kresge
5,923.095 25.3 30.121.350 21,635,300 39.2
With regards to the situation in the rubber and tire
Safeway Stores.__ _ 7,421,973 4,856.299 51.6 27.408,779 18,612,141 47.2
7,384,379
National Tea
15,085.621 16.4 field, the 13eirdk states:
4.983.659 4,329,199 15.1 17,557,833
S. H. Kress
10,605,596 20.9
The principal development in this industry during April was the aboli3,855,913 3,363,666 8.7 12.829.110
W.T. Grant
11,226,418 2.2
11,478,114
x7.6
3.314,500
3,059,997
MoCrory Stores.
5,454,680 32.0 tion of the Stevenson Restriction Act, effective next November 1. This
7.204,721
20.3
1,473.722
1,773.161
Sanitary Grocery
3.080,417 40.4 Act, which has been in effect more than five years, has restricted the
4.326,252
1,302,894 1,086,719 19.8
J .Newberry _
3,434,155 16.5 amount of exports allowed from British-owned plantations to a varyinu
4,001,325
x1.3
F. & W. Grand--. 1,171.804 1,187.816
2,723.944 9.7
2.988.623
6.7
870.958
929,824
G. C. Murphy ..... _
2,461.699 34.0 percentage of standard production. It was designed to aid the rubbet
3.298.965
40.3
651,162
913,622
Peopled Drug
1,614,285 35.2 growing industry of the British East Indies, which suffered disastrar
2,183.816
29.1
534,942
690,760
Weisner Bros
1,444,787 17.1 losses in the 1921-1922 price decline, by securing more stable prices t.
1.691,969
10.0
485.029
511.847
Law Silver
8346.911.257 $297.548,762 16.5 higher levels. The average yearly price rose from about 17 cents
5.4
$87.420.009
308
594.502
Total
pound in 1922 to slightly more than 25 cents in 1923 and 1924. In 1924
Dt101111116.
MAY 12 1928.]
FINANCIAL CHRONICLE
quotations rose violently, reaching an average of over $1.00 during the
final quarter. Early in 1926 a correspondingly abrupt decline took place,
and in 1927 the price ranged between 35 and 42 cents a pound for the
most part, with the general trend downward in spite of successive reductions in the amount of exports allowable. The most important factor
in the declining effectiveness of the Stevenson Act has been the rapid increase in rubber grown on Dutch plantations, production in the Dutch
East Indies now amounting to nearly half of the world total.
The announcement on April 4 with regard to the Stevenson Act resulted in a sharp drop in crude rubber prices. These had been weak
since early in the year, declining from an average of 40 cents a pound
In January to 33 cents in February and 27 cents in March. On April 4
a decline of 6 cents took place, the price touching 21 cents, and by the
17th it had slumped further to 17 cents. Such a price has not prevailed during the last eighteen years except in the 1921-1922 period.
The effect of the rapid price decline in this District has been to curtail
dealer demand for tires. Business of Akron manufacturers in April consequently slowed down to some extent, and was hardly up to the levels
of the preceding six months. The latest report of the Department
of
Oommerce indicates that dealers were well stocked up with tires on April
1, and many of them were thus in a position to restrict purchases
while
awaiting further developments in the price field. The following
table
shows that with the exception of inner tubes, dealers' stocks
are now
considerably higher than in the three preceding years.
Meat Packing Industry Reviewed By Chicago
Federal
Reserve Bank.
"Monthly Business Conditions Report, issued May
1, the Federal has the following to say regarding the meat
packing Industry:
In its
Production at slaughtering establishments in the United
States decreased in March from the preceding month and increased
over a year
ago. Employment for the last payroll of the month showed
recessions
of 7.1% in number of employees, 7.8% in hours
worked, and 6.1%
in value compared with corresponding data for February.
Domestic
trade averaged good for fresh pork, fairly good for lard,
and rather
draggy for beef; the demand for lamb, smoked meat, and
dry salt pork
remained seasonally quiet during the first two weeks
of the period,
but showed considerable improvement with the approach
of Easter. Sales
billed Ate domestic and foreign customers by fifty-nine
meat packing
compaFies in the United States aggregated 3.8% smaller
than in February but were 0.8% greater than in March, 1927. Demand
in domestic
markets averaged fair to good at the beginning of April.
Pork prices
at Chicago showed little change in March from the
preceding month
except for a slight easing in quotations for hams, picnics,
pickled bellies,
smoked meats, and heavy fat backs, and somewhat firmer
levels for
lard, pork loins, dry salt bellies, and light fat
backs. Beef and veal
quotations averaged a little lower than in February,
while the price
of lamb advanced. April 1 inventories at packing
plants and cold-storage
warehouses in the United States totaled in excess of
those for March 1
and the 1923-27 April 1 average, and were
considerably above a year
ago; beef holdings declined in all three comparisons,
and lamb stocks
decreased from last month and the five-year average.
Shipments for export showed some expansion in March over
February. Foreign demand
improved for oleo oil and neutral lard, but
continued practically unchanged for most other products. April 1 inventories
already abroad
and in transit to European countries were
reported as slightly heavier
than at the beginning of March. Prices on the
Continent remained close
to Chicago parity; those in the United Kingdom
continued somewhat
below the United States basis.
Business Conditions in Kansas City
Federal Reserve
District-Gains in Production and
DistributionUnusually Heavy Movement of Grain.
2885
freezing in many sections, though the conditions for this District as a whole
was about up to the ten-year average, and several points above the United
States average officially reported for April 1.
In food production, the reports indicated the March output of flour
was
larger than in February but smaller than in March last year.
Slaughter
of cattle and calves at meat packing plants decreased, while the
slaughter
of hogs and sheep increased, both for the month and the first quarter
of
the year.
March conditions in the mineral industries were but little different
from
those prevailing through the earlier months of the year. The production
of crude petroleum during the month was larger than in February,
due to
the difference in the number of days, but still was smaller than a
year ago.
Refineries were receiving more crude oil at their stills on April 1 than
a
month earlier or a year earlier. Soft coal output showed further decline,
and the coal year closed March 31 with the output about 14% smaller than
that for the preceding coal year. March was a dull month in the zinc
and
lead fields, with ore shipments the lowest of the year, though late reports
showed a revival of activity in the second week of April with ore shipments
the heaviest for any week in several months and some advance in prices
Manufacture of Portland cement, and also shipments and unfilled orders,
at mills showed increases over those reported at this time last year.
The value of building contracts awarded in this District reached exceptional amounts and established new high records both for the month and
three months. Permits for new building projects, issued in leading cities,
were more numerous than last year. reflecting an active season. While the
value of March permits showed a decrease as compared with March a year
ago, the aggregate value of permits for the first quarter was considerably
higher than for the same period last year.
Regarding wholesale and retail trade the Bank says:
Wholesole.-Reports of wholesale firms showed March sales of groceries,
hardware, furniture, drugs and millinery were larger than in February.
while sales of drygoods during the month were a shade below those of the
preceding month. March sales of drygoods, hardware, furniture and millinery were smaller than in March of last year, while sales of groceries and
drugs showed moderate increases. During the first quarter of 1928 sales
of all reporting lines, except millinery, were larger than in the first quarter
of 1927. Wholesalers of stationery reported the volume of their business
was 3.3% larger than that for February and 12.6% larger than that for
March 1927.
Distribution of implements and farm machinery during the early weeks
of the busy spring season were reported as running considerably ahead of the
like period in 1927.
Stocks of wholesalers of drygoods, groceries and drugs were smaller on
March 31, and those of hardware and furniture were larger, than on February 29. Stocks of all reporting lines except millinery at the close of
March were larger than on the same date last year, according to the reports.
Retail -Reports of department stores operating in cities throughout this
District reflected a marked increase in the volume of their March sales over
those for February and moderate increases for March of this year over
March of last year. Of the 33 stores included in the summary. 21 reported
their March sales were larger than in the same month last year. The heavy
March business at department stores carried the total for the first quarter
of the year 2.1% above that for the like period last year.
Sales during March at retail apparel stores, shoe stores and furniture
stores showed small declines as compared with the volume reported for
February, though as compared with a year ago sales at apparel stores increased 3%, sales of shoes were about the same, sales of furniture were
22.7% smaller.
Stocks of department stores at the close of March were 3.7% larger than
at the close of February, but were smaller by less than 1% than on
March 1 1927. Stocks of apparel stores increased slightly during the month
under review and were 0.6% larger for apparel and 3.6% smaller for
shoes
than a year ago. Retail furniture stores reported their stocks on
hand at the
close of March were 1.1% smaller than a month earlier and 5.3%
mallet
than on March 31 1927.
Moderate Rate of Improvement in Business Condition
s
in St. Louis Federal Reserve District-Reopening
of Limited Number of Bituminous Coal Mines.
According to the Federal Reserve Bank of Kansas
City
"Despite the handicap of generally unfavorable weather,"
the outstanding feature in the trade situation in its
District says the Federal Reserve Bank
of St. Louis, "business ill
during March was an unusually heavy movement of
grain. this District during the past
thirty days continued the
We quote what the Bank has to say in its May 1
Monthly moderate rate of improveme
nt noted during the two preReview:
•
ceding months." In further reviewing conditions April 30,
Distribution of commodities by wholesale and
retail firms which report
their trade statistics to the Federal Reserve Bank of
Kansas City increased the Bank states:
seasonably
March,
in
and the first quarter of 1928 closed
Some irregularity existed, both in respect to localities and the several
with the dollar
volume of sales slightly above that for the first quarter
of 1927. Productive lines, but in a majority of cases satisfactory results were obtained. Ab•
activity expanded during the month and the output of
normally low temperatures over virtually the entire district hampered die.
minerals combined was about up to the level of a year manufactures and
ago. The building tribution of spring merchandise, particularly goods for common consumpseason was given an early start, and with a notable
increase in general con- tion. Easter shopping was slow getting under way, but the momentum
struction and out-door work the employment situation
improved. Debits acquired during the week or ten days preceding that day brought the
by banks to individual accounts, or payments by check,
ran at a higher total of sales of typically Easter goods well up to the average of recent
weekly average during the first fourteen weeks of the
year than in the like years. In the retail trade, however, relatively better results were
achieved
period of the preceding year. Loans and discounts
of reporting member in the urban communities
than in the country and smaller centers of popubanks rose steadily as the season advanced and on April 4
attained the high- lation. March sales of department stores in the seven largest cities
est peak since September 1926. Investments were
of the
the highest on record district were 6.9%
greater than in the same month last year, and there
covering the past eight years. Demand and time
deposits exhibited similar were
also fair gains reported by five and ten cent stores and mail ordei
trends, and deposits to savings accounts in a selected list
of banks showed houses.
Debits to checking accounts in the chief cities in March overt
consistent gains. Business failures during the month and
first quarter were larger
by 10.7% than in February, and 3.2% in excess of the Merck
numerous
than in the same month and quarterly period
less
last year.
1927 total.
The outstanding feature in the trade situation in this
District during
Aside from the coal mining areas, the general industrial situation wit
March, aside from the favorable showing of wholesale and retail
distribu- in more
favorable condition than at any time since hist fall. Buildins
tion, was an unusually heavy movement of grain from farms and
country permits
elevators to primary markets, due largely to advances in prices
issued and contracts for construction enterprises left in Marc!
to high
showed sharp gains over the preceding month, the dollar value of permit
levels for the year. March receipts of wheat. oats, rye, barley and
kaffr
Were larger than a year ago,and receipts of corn for the month were 253.9% representing the largest total since last November. In the iron and sloe
larger, with cash corn selling around a dollar a bushel. Market supplies Industry some unevenness developed, but the average rate of activitj
Of livestock changed but slightly, receipts of cattle and calves showing was higher than a month earlier, with certain important lines, notablj
decreases and receipts of hogs and sheep showing increases over the month stoves, farm implements, heating apapratus and achitectuml iron, re
and three months of 1927.
cording good gains. For the third consecutive month, distribution of auto
Conditions and prospects for farm production in this District improved mobiles and accessories increased in March. The number of unemployk
during March, due to favorable weather with general rains and snows sup- in the district was reduced further, surplus workers being absorbed it
plying moisture for seasonal needs. However, the fine progress made dur- the seasonal acceleration of outdoor activities. The general trend d
ing March was checked in the second week of April by belated storms of prices was upward, with sharp advances being recorded on certain
fart
snow. sleet and rain and low temperatures-conditions which were very products, notatbly wheat and corn. The rise in wheat was due
to tls
unfavorable for germination of seed in the ground and damaging to growing unfavorable outlook for the growing winter wheat crop, prospects for
whied,
field crops, and fruits. With the return of warmer weather in the latter in this dictrict are the worst in more than forty years.
lialf of April farmers resumed the work of preparing the soil and planting
The labor situation exerted practically no influence on the status of tk
corn, cotton, sugar beets and other spring crops. Winter wheat on April coal market. Unlike a year ago, closing of the bituminous
mines
1 showed a somewhat spotted condition as a result of winter drought and Illinois and Indiana on April 1 because of the miners'
strike, was pm
2886
FINANCIAL CHRONICLE
[Von. 126.
ceded by no unusual efforts to accumulate reserve stocks. Users of both
steaming and domestic coal were purchasing chiefly for immediate necea.
sities, and apparently no apprehension was felt relative to future supplies. Prices fluctuated within narrow limits, and the advance in slack
coal late in March was due to contraction in demand for prepared sizes
rather than increased purchasing by industrial consumers. In many
instances supplies held by the industries are large, in some cases miffcient to last through the next two or three months. The cold weather
early this month and in late March served to stimulate demand for coal
for heating purposes, but these needs were easily met. In the Kentucky
fields there was fair buying by railroads and public utilities companies,
with contract renewals at about the 1927-1928 price levels. Offerings
of Kentucky coal are plentiful, and operators in that state are making
a strong bid for business ordinarily going to the ununionized districts.
A limited number of mines in the Illinois fields have reopened since April
1, operators paying the Jacksonville scale. Operations during March averaged from 3 to 5 days per week. Production of bituminous coal for the
country as a whole during the present calendar year to April 7, approximately 83 working days amounted to 136,688,000 net tons, against 178,065,000 tons in 1927 and 154,293,000 tons in 1926.
The valuation of building permits Issued at principal cities totaled
$16,134,114. which was considerably larger than the previous high reoord
In October 1925, and was 39% rgeater than in March 1927. Coincident
with the heavy construction activity, the production and shipments of
cement reached the highest level In several years and there was an excedIngly active demand for lumber. Sales of department stores in the larger
cities reflected a gain of 26% as compared to February and were 5% greater
than in March 1927. Distribution of merchandise at wholesale reflected
a seasonal increase as compared to the previous month and was substantially larger than a year ago. It Is significant to note that the Increased
demand for merchandise has been general throughout the district. Nevertheless, retailers continue to follow cautious and conservative buying
policy and show no disposition to make purchases beyond well defined
needs. Charges to depositors' accounts during March were 9% larger than
in February and exceeded those of March 1927 by 2%.
The agricultural situation was greatly improved as the result of the
general rains and snows during the early part of April. yet there Is a considerable area in the district where a subsoil season is lacking and more rain
is urgently needed to sustain the growth of crops. The cold weather,
however. interfered withthe germination of seed and in some instances
killed tender vegetation. The planting of corn is practically completed
with a substantial portion of the crop up to a good stand and growing rapidly. The planting of cotton and minor crops Is now becoming general. The
Disphysical condition of the district's ranges has shown some improvement and
Business Conditions in Atlanta Federal Reserve
livestock generally are in fair to good condition. Market prices of cattle
trict-Seasonal Increases in Trade.
have declined somewhat from the high levels reached in February, but
The Atlanta Federal Reserve Bank, summarizing business cattle continue to change hands on the ranges at high prices.
largely the effects of seasonal factors.
conditions in its District, in its April 30 Monthly Review, The financial situation reflected
The deposits of member banks, which amounted to $904.251.000 on March
states that "seasonal increases in trade, both at retail and 7, were $27,921,000 less than on February 8. yet they were $82,672.000
wholesale, and in prospective building as reflected in statis- greater than on March 23 1927. Federal Reserve Bank loans to member
banks rose to $6,670,926 on April 14, which re, resents a gain of $4,024,132
tics of building permits, and a larger demand for credit, are since
February 29, and $2,854,754 as compared to April 14 1927. While
indicated in statistics compiled for March and early April." the number of commercial failures reflected a sharp Increase in March, the
part:
in
of defaulting firms showed a heavy decline as compared to
says
indebtedness
also
The Bank
same month last year, indicating that
The volume of sales in March by reporting department stores throughout both the previous month and the
principally among smaller concerns.
the district reached a level higher than for the same month of any of the past the failures were
seven years, and exceeded March last year by 12.3. A part of this increase
The Bank thus reviews wholesale and retail trade:
may be attributed to the fact that Easter this year, which fell on April 8,
Wholesale Trade.
was nine days earlier than last year, and a larger share of Easter buying was
The demand for merchandise in wholesale channels of distribution redone In March this year than last. Stocks of merchandise held by department stores at the end of March were slightly larger than a month earlier, flected a further seasonal expansion as compared to the previous month
but smaller than a year ago. Wholesale trade in nearly all lines was larger and exceeded that of a year ago by a wide margin. During the first quarter
in March than In February, but in smaller volume than in March last year. of 1928 sales in all lines have shown a substantial increase as competed to
Building permits issued at 20 reporting cities in March increased about 25% a year ago, ranging from 8.8% In the case of groceries to 76.9% in the
over February, but were 7.9% less than in March 1927. Debits to indi- case of farm implements. While the increased demand was fairly general
viduals accounts at 26 reporting cities in March increased 12.8% over the throughout the district, reports indicate that the unseasonal weather
short month of February. and were 1.6% less than in March last year. has retarded distribution In some lines. Retailers generally are still folSavings deposits held by 86 reporting banks at the end of March were 5.6% lowing conservative buying policies and are keeping commitments closely
greater than a year ago. A larger demand for credit is indicated by an In- aligned with consumer demand. Collections in most lines have shown
crease in loans and discounts of weekly reporting member banks at principal some improvement.
While the distribution of dry goods at wholesale was 7.4% less than in
cities of the district, and in an increase of discounts for member banks
throughout the district by the Federal Reserve Bank. Commercial failures the previous month is was 2.9% greater than in March 1927. Sales during
February,
In
than
liabilities,
of
point
in
larger,
first quarter of this year have averaged 15.9% greater than in the
the
in the district were slightly
and were greater than in March last year. Consumption of cotton in the corresponding period of last year. The cold weather has retarded the sales
cotton-growing states increased slightly over the short month of February, of spring merchandise in most sections. Retailers generally appear to be
but was less than in March last year, but the number of spindles active was limiting commitments largely to well defined needs. Collections were In
greater than in March a year ago. Production of cotton cloth in March practically the same volume as in the previous month. The outlook is
was 7.7% greater than in February, and about the same as in March last reported to be good.
An active demand for groceries was in evidence during March. Sales
year. Production of yarn increased 9.5% over February, but was 9.2%
smaller than a year ago. Production of pig Iron in Alabama increased over were 7.6% greater than in the previous month and were 10.7% greater
of
figures
weekly
and
year,
last
March
than in March 1927. Sales during the first quarter of 1928 were 8.8%
February but was smaller than in
bituminous coal mined In Alabama and Tennessee show decreases compared greater than In the same period a year ago. The increased demand was
with corresponding weeks last year. Production of turpentine and rosin general throughout the district. Reports indicate that prices on most
Collections showed a further increase
In the Naval Stores year which ended with March was the largest In fourteen commodities are firm to higher.
years and within 13% of the greatest crop in history, due to the unusually over the previous month. Dealers state that the outlook is from fair to good.
season's
this
for
planting
and
work
a
witnessed
sustained
Farm
demand for farm implements.
year.
last
month
weather
past
The
favorable
Sales ofreporting firms were 0.8% larger than in February and were 121.3%
crops were retarded by the late spring and rains.
greater than in March, 1927. In fact, March sales were larger than in
Retail Trade.
that month for any year since 1924 While the demand has been generally
The distribution of merchandise at retail in the sixth (Atlanta) district good, it has been retarded somewhat by the continued dry weather in cerduring March,reflected in sales figures reported confidentially by 46 depart- tain portions of the district. The outlook Is generally good.
ment stores located throughout the district, showed a substantial seasonal
A strong demand for drugs at wholesale was noticeable during the past
Increase, as compared with earlier months of the present year. and was in month. The March sales of reporting firms were 15.2% greater than In
larger volume than during the same month of any of the past seven years. the previous month and were 13.5% larger than in March 1927. The imMarch sales this year by these 46 reporting firms were 12.3% greater than in proved demand appears to have been general over the district. CollecMarch 1927. Increases are shown for each city from which three or more tions reflected a slight increase. While reports indicite that business was
reports were received, ranging from 1.3% at Chattanooga to 33.7% at affected adversely early in April by weather conditions, the outlook Is
Atlanta. Total sales during the first quarter of 1928 were greater than for good for spring and early summer trade.
the same period last year at Atlanta, Birmingham and Nashville, and averSales of wholesale hardware firms reflected an increase of 4.6% as comaged 5.6% greater for the district. Stocks of merchandise on hand at the pared to the previous month and was 14.1% greater than in the same
but
earlier,
were
month
a
than
greater
3.5%
3.5%
were
end of March
month last year. Distribution during the first three months of 1928 exsmaller than a year ago. The rate of turnover was the same In March this ceeded that during the corresponding period of 1927 by 22.3%. Reports
less rapid. Accounts
year as last, but for the first quarter was slightly
indicate that the buying of seasonable goods has been retarded by unreceivable at the end of March were one-tenth of 1% larger than a month favorable weather. Merchants appear to be holding commitments largely
increased
earlier, and 20.5% greater than a year ago, and March collections
actual needs. Prices are firm to slightly higher on some items. Prosto
and were 19.2% greater than in
one-tenth of 1% over these In February,
pects for future business appears good.
during March to accounts outstandcollections
of
ratio
The
1927.
March
Retail Trade.
the month for 29 firms was 37.4%. In
ing and due at the beginning of
in March last year 35.3% •
Retail distribution, as measured by department store sales in larger
February this ratio was 35.4%, and
cities reflected a substantial Improvement during March. Sales showed
Wholesale Trade.
a seasonal Increase of 25.5% as compared to the previous month and exduring
district
sixth
the
in
wholesale
at
merchandise
of
The distribution
ceeded those of the same month last year by 4.7%. Sales during the first
confidentially to the Federal Reserve
March, reflected in sales reported
quarter of 1928 were 3.6% greater than during the corresponding Period
trade, was seasonally greater than
of
lines
8
in
firms
wholesale
118
last year. Business during March was stimulated by the demand for
Bank by
November, but was on the whole somewhat smaller spring merchandise prior to Easter but cold weather in April retarded
for any month since
8 reporting lines, increases over February buying to some extent.
than in March last year. Of the
drugs. Compared with 1927, sales during
Stocks on hand at the close of March were 3.8% larger than a month
sales were reported by all except
furniture and drugs, but smaller in the other earlier but were 5.1% less than at the end of March
March this year were greater in
1927. The rate7of
March, based upon figures of all reporting stock turnover during the first quarter of 1928 was
for
number
index
The
lines.
.69 as against .66
six
for February, and with 96.3 for March during the same period last year.
firms, was 92.2, compared with 84.2
The ratio of March collections to accounts receivable on March 1 was
last year.
36.3% as compared to 36.1% in February and 36.9% in March 1927.
Reserve District.
Business Conditions in Dallas Federal
Work.
Construction
of
Volume
Breaking
Record
and a
work
construction
of
volume
breaking
"The record
both
is
merchandise
of
distribution
further expansion in the
developments
outstanding
were
channels
retail
and
wholesale
during the
in the Eleventh (Dallas) Federal Reserve District
its
past month," says the Dallas Federal Reserve Bank in
say:
to
on
goes
Bank
The
Review.
Business
May 1 Monthly
Business in Richmond Federal Reserve District at Seasonal Levels-Improvement in Labor ConditionsLarge Number Still Unemployed.
The Federal Reserve Bank of Richmond reports in its
April 30 "Monthly Review" that business was about at
seasonal levels in March and early in April in its district,
and in some respects was better than in March last year.
MAY 12 1928.1
FINANCIAL CHRONICLE
"Conditions in labor circles Improved during March and
the first half of April with the beginning of construction
work," says the Bank, but, it states, "there is still a large
number of unemployed persons in the fifth [Richmond] district. The Bank adds:
An enlarged building program in the district in comparison with the
first quarter of 1927 has given work to many unskilled laborers, and
promises to give employment to a large number of skilled workmen as soon
as ground is prepared and foundations are put down. Much of this large
volume of work is industrial building, and- Virginia has led in securing
new plants during the Spring. No change for the better occurred last
month in clerical and professional circles, and in all of the cities there is
considerable unemployment in the white collar class. Textile mills continued operations on restricted schedules last month, reducing the working
time of their operatives, but practically no mills were shut down entirely.
A seasonal decrease in the demand for bituminous coal reduced the scale
of operations in the coal fields, which lowered the number of hours worked
by miners. Farmers required some additional labor in March and early
April for crop planting, but comparatively little agricultural work has
yet been done this season. On the whole, the outlook for employment
during the next few months is considerably better than was expected at
the beginning of the year.
The Bank has the following to say regarding wholesale
and retail trade:
Wholesale Trade.
Eighty-two firms, representing six leading lines of trade, sent reports
to the Federal Reserve Bank of Richmond on wholesale trade during
March. Sales by shoe firms exceeded sales in March 1927, but sales in
the five other lines declined last month. March sales in all six lines
increased seasonally over February 1928 sales, both because of increased
demand as a result of Spring requireinents and on account of the longer
month. In total sales during the first quarter of this year, sales of groceries exceeded sales by the same firms during the first quarter of 1927,
but this year's sales in dry goods, shoes, hardware, furniture and drugs
were lower than sales in the same lines during the first three months
of last year.
Stocks on hand in the reporting firms at the end of March 1928
were larger in dry goods than on March 31 1927, but were less in groceries, shoes and hardware. Dry goods and hardware stocks declined during March from those on hand at the end of February this year, but
grocery and shoe stocks increased somewhat during the past month.
Collections in groceries during March totaled 65.1% of outstanding
receivables as of March 1. Drugs averaged 54.7% of outstanding receivables collected during the month, while hardware averaged 34.9%, dry
goods 32.4%, shoes 25.1%, and furniture 22.1%. These percentages are
all lower than those of March 1927 except in dry goods, which averaged
29.1% last year. Furniture showed the greatest change in percentage of
collections to outstanding receivables, declining from 39.5% in March
1927 to 22.1% in March 1928.
Thirty representative department stores in the fifth [Richmond] reserve
district sold an average of 6.6% more goods, in dollar amount, in March
1928 than in March 1927, and also sold 9.6% more than average March
sake during the three years 1923-1925, inclusive. Part of the March
increase was probably due to the earlier date of Easter this year, some of
the early Easter trade which tell in April 1927 occurring in late March
this year. On the other hand, the weather in March 1927 was mild and
stimulated more Spring buying than the cold weather of March 1928.
Total sales in the reporting stores since January 1 this year averaged 2.7%
above sales in the first quarter of 1927.
Stocks of goods on the shelves of the reporting stores at the end of
March averaged 3.3% less than stocks on March 31 1927 but were seasonally larger by 7.4% than stocks on February 29 1928. Baltimore stores
showed the greatest decline in stocks in comparison with the preceding
year, and Washington reported the smallest decline.
The percentage of sales to average stocks carried during March was
27.7% for the district as a whole, and the percentage of total sales
during the first three months of this year to average stocks carried
during each of the three months was 73.1%, indicating an annual turnover of 2.92 times in contrast with a rate of 2.86 times reported by the
same stores for the first quarter of 1927.
Collections by the reporting stores during March totaled 28.0% of outstanding receivables as of March 1, all cities except Baltimore-which remained unchanged-showing some improvement over the February percentages. The percentages this year were lower in Baltimore, the Other Cities
and in the district as a whole than those of March 1927, but Richmond and
Washington percentages were higher during the 1928 month. The improvement in Richmond collections was perhaps due in part to a recent
advertising campaign by Richmond stores against slow accounts.
Canadian Newsprint Statistics for March-Exports
Set New Monthly Record.
According to the report issued by the Canadian Pulp
and Paper Asso., the exports of wood-pulp and paper
from Canada in the month of March were valued at $19,714,294 which was the highest monthly total ever recorded
The March total represented an increase of almost $4,000,000
over the previous month and of $2,500,000 over March,
1927. The Montreal "Gazette" of May 3 from which we
quote the foregoing, also furnishes the following information:
Wood-pulp exports for March were valued at $5,102,722 and exports
of paper at $14,611,572, as compared with $3,403,212 and $12,368,576
respectively in February.
March 1928
-March 1927
ans.
Pulp$
15,161
414,621
Mechanical
19,688
562,056
33,930
2,519,199
Sulphite, bleached
23.305
1,902,369
1,125.899
22,186
Sulphite, unbleached
16,180
879,442
985,901
16,812
17,388
Sulphate
1,083,504
57,302
3.025
Screenings
PaperNewsprint
Wrapping
Book (ewts.)
Writing (cwt.)
All other
91,114
5,102,722
76,561
4,407.371
216,160
1,900
8,595
328
13,899,293
210,142
68,442
2.212
431,483
184.502
1,959
6,280
2,022
--__
12,104.884
221.597
51,362
16,239
433,405
14,611,572
12,827,487
2887
For the first three months of the year, exports of pulp and paper were
valued at $49,274,124, as compared with a total of $43,660,840 for the first
quarter of 1927, an increase for the current year of $5,613,284, or 13%•
Wood-pulp exports for the quarter were valued at $11,577,381, as against
$11,312,187 in the first quarter of 1927. Exports of paper were valued at
$37,696,743, as compared with $32,348,653 in the three months of last year,
For the various grades of pulp and paper details are as follows:
-Three Months 1928-Three Months 1927PulpTons.Tons.
8
1,065,422
Mechanical
40,309
45,803
1,296,911
.5,061,958
Sulphite. bleached
67,652
61,972
4,860,890
Sulphite, unbleached
54,431
2,773,383
48,327
2,661,477
43,329
2.553,405
Sulphate
40,798
2,492,909
Screenings
6,445
123,213
PaperNewsprint
Wrapping
Book (cwt.)
Writing (cwt.)
All other
212,066
11,577,381
196,900
11,312,187
557,040
4,997
16,899
1,525'
35,962,346
550,203
135,922
13,955
1,034,317
468,030
4,708
12,288
3.846
30,677,339
534,419
107,879
30,824
998,192
32.348,65
37,696.743
Pulpwood exports this year have been somewhat smaller than in 1927.
the total for the first quarter amounting to 466,949 cords, valued at $4,145,448, as compared with 507,106 cords valued at 64,665,311 exported
In the first three months of 1927.
Lumber Movement Still at High Level.
The lumber movement, during the week ended May 5
continued on the high plane established earlier in the year,
it was indicated by the weekly analysis of the National
Lumber Manufacturers Association, based on telegraphic reports received from 794 of the larger softwood and hardwood mills of the country. Orders for the week gained 18,000,000 feet, with a total of 348,377,000 feet. Preliminary
figures for production and shipments show a drop of 20,000,000 and 14,000,000 feet, respectively. Revised reports for
813 mills for the preceding week, however, give that production as 327,598,000 and shipments as 354,360,000 feet,
both new highs for the year.
In the softwood industry, the 391 reporting mills absorbed
most of the gain in new business, while the decline in shipments and production were largely attributable to this group.
Because of the larger number of currently reporting mills,
the figures under review are not comparable with those of a
year ago.
The hardwood branch of the industry, for the 403 reporting units, showed a gain of 2,000,000 feet in shipments and
a drop of 5,000,000 feet in production, while orders were
about steady. Twenty-one fewer units reported this week
than for the week before, declares the National Association,
adding:
Unfilled Orders.
The unfilled orders of 222 Southern Pine and West Coast mills at the
end of last week amounted to 748.676,641 feet, as against 747,244,331 feet
for 224 mills the previous week. The 109 identical Southern Pine mills in
the group showed unfilled orders of 249.588,542 feet last week, as against
251,803,335 feet for the week before. For the 113 West Coast mills the
unfilled orders were 499,088,099 feet, as against 495,440,996 feet for 115
mills a week earlier.
Although the 391 reporting softwood mills had shipments 111%, and
orders 113%. of actual production. For the Southern Pine DIMS these
percentages were respectively 111 and 108: and for the West Coast mills.
112 and 126.
Of the reporting mills, the 391 with an established normal production
for the week of 266,847,788 feet, gave actual production 98%, shipments
106% and orders 109% thereof.
The following table compares the lumber movement, as reflected by the
reporting mills of eight softwood, and two hardwood, regional associations
for the three weeks indicated:
Past Week.
Softwood. Hardwood
Corresponding
Week 1927.
Preceding Week 1928
(Re vised).
Softwood. Hardwood. Softwood. Hardwood
Mills
144
389
424
300
(units)*__
391
403
Production_ 260,534,000 46,947.000 202,340.000 14,503,000 276,004.000 51.594.000
Shipments. 282,807,000 57,893,000 203,967,000 20.598,000 298.409,000 55,951,000
Orders
291,492,000 56,885,000 197,673,000 24.107.000 273.653.000 56.788.000
• A unit Is 35,000 feet of daily production capacity.
West Coast Movement.
The West Coast Lumbermen's Association wires from Seattle that new
business for the 113 mills reporting for the week ending May 5 was 26%
above production, and shipments were 12% below production, which was
122,923,818 feet, as compared with a normal production for the week of
109,113,988. Of all new business taken during the week 50% was for
future water delivery, amounting to 77,656,665 feet, of which 52,943.376
feet was for domestic cargo delivery, and 24,713,289 feet export. New
business by rail amounted to 68,771,939 feet, or 45% of the week's new
business. Forty-eight per cent of the week's shipments moved by water.
amounting to 66,885.659 feet, of which 41,402,678 feet moved coastwise
and intercoastal, and 25,482,981 feet export. Rail shipments totaled
62,828,469 feet, or 46% of the week's shipments, and local deliveries
8,218.153 feet. Unshipped domestic cargo orders totaled 189.617,564
feet, foreign 141,633,151 feet and rail trade 167,837,384 feet.
Southern Pine Reports.
The Southern Pine Association reports from New Orleans that for 109
mills reporting, shipments were 10.96% above production and orders were
7.58% above production and 3.05% below shipments. New business taken
during the week amounted to 70.480,095 feet, (previous week 66,381,693);
shipments 72,694,888 (previous week 71,411,550): and production 65,514,917 feet, (previous week 64,017,439). The normal produstion (three-year
2888
FINANCIAL CHRONICLE
average) of these mills is 68.433.000 feet. Of the 105 mills reporting running time, 71 operated full tune, 8 of the latter overtime. The rest operated from two to six days.
The Western Pine Manufacturers Asso. of Portland. Ore., reports production from 25 mills as 21,636,000 feet, as compared with a normal production for the week of 23,700,000, and for the preceding week 21,789,000.
Shipments increased slightly last week, while new business showed some
reduction.
The California White & Sugar Pine Manufacturers Asso. of San Francisco,
reports production from 19 mills as 22,431.000 (54% of the total cut of the
California tine region) as compared with a normal figure for the week of
20,273.000. Seventeen mills the previous week reported production as
19,804,000 feet. There was a substantial increase in shipments last week
and a noticeable decrease in orders.
The California Redwood Asso. of San Francisco, reports production from
14 mills as 6,934,000 feet, compared with a normal figure of 8,618,000.
Thirteen mills the week earlier reported production as 5,945.000 feet.
Shipments were larger last week and new business almost doubled.
The North Carolina Pine Association of Norfolk, Va., reports production
from 70 mills as 10,500,000 feet, against a normal production for the week
of 12,060,000. Thirty-nine mills the week before reported production as
5.972,000 feet. There were heavy increases in shipments and new business
last week, owing to the larger number of reporting mills.
The Northern Pine Manufacturers Asso. of Minneapolis, Minn., reports
production from 8 mills as 6,813,400 feet, as compared with a normal figure
for the week of 9,263,800. Seven mills the previous week reported production as 7,747,600 feet. Shipments and new business were slightly
lower last week.
The Northern Hemlock and Hardwood Manufacturers Association, of
Oshkosh. Wis., (in its softwood production) reports production from 33
mills as 3,781,000 feet, as compared with a normal production for the week
of 15,386,000. Thirty-four mills the preceding week reported production
as 3.724,000 feet. Shipments showed a small decrease last week, and new
business showed a marked increase.
FoL. 126.
Wheat.
Abandonment of winter wheat is estimated at 25.1%, the acreage remaining for harvest being estimated at 35,858,000 acres compared with 37,872,000 acres harvested in 1927 and 36,987,000 acres harvested in 1926.
Condition is reported at 73.8% of normal compared with 85.6% a year ago
and 85% the 10-year average. A condition of 73.8% on May 1 indicates
an average yield of 13.4 bushels per acre and a total production of 479,026.000 bushels, compared with a yield of 14.6 bushels per acre and a total
production of 552,384,000 bushels in 1927, and a yield of 17 bushels and a
production of 627,433,000 bushels in 1926.
The condition of winter wheat is showing the effects ofscanty snow covering during the winter with alternate freezing and thawing extending late
into April. In the southern Plains area wheat was also suffering from
drought up to the first of May, but most of this area has had some rain
since the first of the month. Injury has been greatest in the soft red winter
wheat States from Ohio to Missouri where abandonment has been extremely heavy. In Illinois the heaviest abandonment on record is reported, being most severe in the southern soft wheat counties.
In Kansas conditions during the past month have been favorable for
wheat in the south and east, but the northern part of the State suffered
from a severe spring drought which was not broken until after May 1.
In that State it is reported that the weather, while suitable for destruction
of the spring brood of Hessian fly, was conducive to propagation of aphids
and green bugs.
In Oklahoma the winter was unfavorable for winter wheat, but general
rains in March and April benefited the crop. The heaviest abandonment
in the State occurred in the southwest.
Texas wheat suffered severely from prolonged dry weather and a considerable acreage has been plowed up. Recent rains were sufficiently heavy
to benefit wheat in some localities, but some western areas have had only
light showers since last June. Some damage from green bugs is reported.
Montana winter wheat benefited by April weather and is stooling heavily.
which tends to offset the thin stands resulting from winter-killing.
Heavy abandonment has occurred in Colorado where the condition on
May 1 was very low.
Hardwood Reports.
Nebraska wheat is in fair condition, considering the dry conditions that
The Northern Hemlock and Hardwood Manufacturers Asso. of Oshkosh.
Wis.,reports production from 53 units as 7,548,000 feet, as compared with a have prevailed, and rains since May 1 have been beneficial. Due to deficiency
of subsoil moisture the crop needs more rain. Most of the abannormal figure for the week of 11,142,000. Fifty-two units the week before
reported production as 8,785,000 feet. Shipments decreased somewhat donment that has been reported took place in the western and especially
the southwestern counties.
last week and orders showed a good gain.
In Minnesota very heavy abandonment Is reported in the important
The Hardwood Manufacturers Institute of Memphis. Tenn., reports
southern
and southeastern counties. Much of the abandoned acreage has
production from 350 units as 39,399,000 feet, as against a normal production
been
re-seeded to spring wheat, oats, barley and rye.
for the week of 73,557,000. Three hundred and seventy-two units the
Abandonment in Wisconsin and Michigan also was heaviest in the
preceding week reported r roduction as 42,809 000 feet. Shipments were
southern portions.
slightly larger and orders slightly less last week.
Compared with the corn belt States, eastern and southeastern States
show light abandonment. Hessian fly damage is reported in the east
being particularly widespread in Pennsylvania.
Conditions in the Pacific Northwest have ranged from ample rainfall In
West Coast Lumbermen's Association Weekly Report. the Palouse to dry
in southern California.
Rye.
One hundred fifteen mills reporting to the West Coast
The acreage of rye remaining for harvest on May 1 Is estimated
at
Lumbemien's Association for the week ended April 28 1928 3,562,000 acres, or 97.1% of the acreage harvested in
1927. The prelimimanufactured 131,054,807 feet, sold 129,366,344 feet and nary estimate of rye sown issued in December was 3,802.000
acres. A
shipped 147 570,104 feet. New business was 1,688,463 part of the decrease in acreage from December's estimate, 240,000 acres,
is due to unusually heavy abandonment resulting from adverse winter
feet less than production and shipments 16,515,297 feet conditions.
The condition of rye on May 1 was 73.6% of normal, compared with
more than production.
COMPARATIVE TABLE SHOWING PRODUCTION, NEW BUSINESS 88.3% on May 1 1927,81.5% on May 1 1926 and 88% the 10-year average.
The condition in the North Central States, representing 80% of the total
SHIPMENTS AND UNFILLED ORDERS.
rye acreage on May 1. was 72%. North Dakota, which has 38% of the
Week Ended-April 7.
April 14.
April 21.
April 28.
Number cd mills reporting
112 acreage,shows a condition of 71%. due to alternate freezing and
115
115
thawing.
Production (feet)
131.054,807 127,028.099 123,070.070 125,750.622
A condition of 73.6% on May 1 points to an average yield of 11.1 bushels
New business (feet)
129,366,344 149.213,944 144,230,286 143,572.064
Shipments (feet)
147,570,104 116.831,316 132,030,128 138,339,600 per acre and a total production of 39.368.000 bushels. This compares
Unshipped Burlisesswith a yield of 16 bushels and a total production of 58,572,000 bushels
Rail (feet)
165,588,397 171,575,639 165,820,788 166,308,189 in 1927.
Doren cargo (feet)._ 182.909.558 182,451,076 168,705,926 167,979,174
Oats.
146,943,041 158.364.408 144,029.334 131,157,712
Etp rt (fa t)
The condition of oats in the Southern States is 67.5% of normal,
comTotal (feet)
495,440.996 512,391.123 478,556,038 465,444,075 pared with 74.6% on May 11927.
First 17 Weeks of1927.
1928.
1925.
1026.
Tame Hay.
113
104
Average number of milbi_
78
119
1,983,024,191 1,240,145,935 1:648,197,753 1,678,692,165
Production (feet)
The condition of tame hay on May 1 was reported at 76.1% of
normal
2 109.054,879 1,336,758,224 1,761,185,323 1.696,206,439 compared with
New business (feet)
86.8% a Year ago and 85.9% the 5-year average. The
1 926,408,541 1,274,477,915 1,703,424,981 1,714,433,280
Shipments (feet)
weather in April was too cold for hay and pasturage, and much
damage
from alternate freezing and thawing during the winter was reported,
particularly to alfalfa and clover. The lowest conditions are reported
in
Agricultural Department Report on Winter Wheat, North Central States, 71.1%, where nearly 50% of all hay acreage is the
lecated. Conditions in the South Central States are only slightly
Rye, &c.
better,
73.8%, while the Western States show the highest
condition, 87%. The
The Department of Agriculture at Washington on May 9 North Atlantic and South Atlantic States show 77.1 and 77.2%, respectively.
issued its crop report as of May 11928. This report estiPasture.
m-ttes the abandonment of winter wheat at no less than
Pasture condition is reported at 71.3%, compared with 87%
last year
and
74.6%
on
May
11926.
remaining
be
The
to
lowest conditions prevailed in the North
acreage
harvested
at
25.1%, leaving the
Central States and highest in the Far Western States.
35,858,000 acres as compared with 37,872,000 acres harvested ditions were reported as rapidly becoming serious in west Pasturage conTexas and below
in 1927. The May 1 condition is placed at only 73.8% of normal in New Mexico.
Peaches.
normal, compared with 85.6% a year ago and 85.0% the
PIN
The condition of peaches in ten
States on May 1 was reported
10-year average. On the present condition the yield per as 73.8% of normal compared withsouthern
42.7% a year ago and 57.2% two years
acre is placed at 13.4 bushels, making a total production ago. Prospects are best in Georgia where the chief complaint is that the
rains have washed off the sprays. Prospects are lower towards
of only 479,086,000 bushels, against a yield per acre of frequent
the west and are poorest in Oklahoma and in portions of Texas and
Arkansas
of
production
552,384,000
bushels
in
and
a
14.6 bushels
where the April feeze caused much damage.
The Crop Reporting Board of the United States Department of Agricul1927, and a yield of 17 bushels per acre and a production
ture makes the following forecasts and estimates from reports and data
of 627,433,000 bushels two years ago.
furnished by crop correspondents, field statisticians and co-operating State
The condition of rye on May 1 was 73.6% of normal, Boards (or Departments) of Agriculture and agricultural colleges:
On May 1 1928 the area of winter wheat to be harvested for the United
with an average yield per acre of 11.1 bushels, and the
States was about 35,858,000 acres, or 11,986,000 acres (25.1%) less than
production estimated at 39,368,000 bushels. This com- the
acreage planted last autumn and 2.014.000 acres (5.3%) less than the
pares with a yield of 16 bushels per acre a year ago and a acreage harvested last year, viz., 37,872,000 acres. The average harvested
for the past five years, 1923-1027, was 36,251,000 acres. The
total production of 58,572,000 bushels. Below is the report acreage
Ht-year average abandonment to May 1 is 10.5% •
in full.
The average condition of winter wheat on May 1 1928 for the United
The outstanding features of the report issued by the Crop Reporting States was 73.8% of a normal, compared with'68.8 on April 1 1928. 85.6
Board on May 9 1928 are the unusually heavy abandonment of winter wheat on May 1 1927 and 85.0 the average condition for the past 10 years on May 1.
and the low condition of w nter wheat and rye as of May 1. Abandonment A condition of 73.8% on May 1 1928 is indicative of a yield per acre of anAlleghenies to the Missouri River proximately 13.4 bushels, assuming average variations to prevail thereafter.
of winter wheat has been helvy from the
and in the Western Plains area from South Dakota to western Texas and The average yield per acre for the past 10-year period was 14.9 bushels.
and Kentucky, roughly, two- On the estimated area to be harvested (35,858.000 acres). 13.4 bushels per
Illinois
Indiana,
New Mexico. In Ohio,
thirds of the crop has been abandoned. This heavy abandonment of winter acre would produce 479.086,000 bushels, or 13.3% less than in 1927, 23.6%
v. heat will tend to increase the planting of alternative crops above earlier ess than in 1926, 19.3% more than in 1925 and 12.8% less than the average
production for the past 5 years. 1923-1927.paThe harvested production in
expectations.
MAY 12 1928.]
FINANCIAL CHRONICLE
1927 was 552.384,006 bushels, in 1926 627,433,000 bushels, in 1925 401,734,000 bushels and for the past 6 years 1923-1927 the average harvested
production was 549,117,000 bushels. The final outturn of the crop may be
larger or smaller than the May 1 indications, as developments during the
remainder of the season prove more or less favorable to the crop than usual.
Details of winter wheat, by geographic divisions, follow:
Condition May 1.1 Production in Thousands of
Bushels (i.e. 000 Omitted).
10-Yr,
Arge.
Acres
Per
Harvested
Indicated
Cent Remainin 1918- 1927. 1928.
by
to be
Aban
1927.
5-Yr. Ay. 1927. Condition
dosed. Harvested P. C. P. C. P. C. 1923-1927
May 1 '28
Acreage 1928.
Geographic
Division.
North Atlantic 8.3 1.487,000 86.4 84.1
North Central 31.8 9,831.000 84.2 86.9
9.4 1,975,000 86.7 84.3
South Attend
South Central_ 17.2 6.872,000 82.2 78.7
14.8 5,693.000 88.8 88.3
Western
72.8
70.2
74.6
70.4
86.4
29.171
27.614
321.111 319,442
31,422
28,425
75,600
58,570
91,813 118,333
23.921
246.060
24.124
74,580
110,421
U.S.total__ 25.1 35,858,000 85.0
85.6 73.8 549,117 552,384
479,086
On May 1 1928 the acreage of rye in the United States standing and
intended for grain is estimated at 3,562,000 acres, compared with 3,670,000
acres the harvested acreage in 1927, 3,578.000 acres in 1926, 3.974,000
acres in 1925 and for the Past 5 years 1923-1927 the average harvested
was 4.109.000 acres.
The average condition of rye on May 1 1928 for the United States was
73.6% of a normal, compared with 79.3 on April 1 1928. 88.3 on May 1
1927 and 88.0 the average condition for the past 10 years on May 1. A condition of 73.6% on May 1 1928 is indicative of a yield per acre of approximately 11.1 bushels, assuming average variations to prevail thereafter.
The average yield per acre far the past 10-year period was 13.6 bushels.
On the estimated area to be harvested (3,562,000 acres). 11.1 bushels per
acre would produce 39,368.000 bushels, compared with 58,572.000 bushels
the harvested production in 1927, 40,795,000 bushels in 1926, 46.456,000
bushels in 1925 and for the past 5 years 1923-1927 the average harvested
production was 54,873,000 bushels. Details of rye, by geographic divisions.
follow:
Geographic
Division.
Acreage 1928
Condition May 1.
Production in Thousands of
(to be Harvested).
Bushels (Le. 000 Omitted).
10-Yr.
Per
AVge.
Harvested.
Indicated
Cent
1,000
1918- 1927. 1928.
by
of
Acres. 1927.
5-Yr. Ay. 1927. Condition
1927.
P. C. P. C. P. C. 1923-1927
May 1 '28
153.011 89.7
North Atlantic 113.3
North Central 96.3 2,842,000 87.8
187,000 89.0
South Atlantic 94.4
South Central 98.7
76.000, 86.3
98.1
Western
304.000 90.2
88.7 79.2
88.7 72.0
85.5 76.8
83.6 72.2
87.9 84.2
3.566
44,454
2,208
1,100
3.545
2.414
48.552
2.390
668
4,548
2,265
30,764
1,941
788
3.610
U.S.total__ 97.1
3.862.0001 88.0 88.3 73.6
54,873 58,572
39.368
The average condition of tame hay on May 1 1928 for the United States
was 76.1% of a normal, compared with 86.8 on May 1 1927 and 88.4 the
average condition far the past 10 years on May 1.
Stocks of hay on farms on May 1 1928 for the United States are estimated
at 17,920,000 tons (14.5% of crop), compared with 10,819,000 tons (11.3%
of crop) on May 1 1927 and 12,503,000 tons (12.1% of crop) the average
stocks on farms for the past 10 years on May 1.
The average condition of pasture on May 1 1928 for the United States
was 71.3% of a normal, compared with 87.0on May 1 1927 and
83.4 the
average condition for the past 10 years on May 1.
Details by States will be shown in a supplemental report, released at
9 a. m.(E. T.). May 101928.
CROP REPORTING BOARD.
W. F. Callender, Chairman:
Approved:
J. A. Becker,
S. A. Jones.
R. W. Dunlap,
J. B. Shepard.
C. F. Stale,
Acting Secretary.
11. F. Bryant,
H. M. Taylor.
The Department issued on May 10 the details of winter
wheat and rye by States. We give the winter wheat report
n full:
WINTER WHEAT CROP REPORT AS OF MAY 1 1928.
a.
5MOVONOMFMM O
60MMWNVW0M0...VOWMOWOONONM.
4,400000000
.1..Mt...V.2.0Wt.0t.CA!
.
.
-0000!...0.0
40t.
.00!
,
Per
Area
Condition May 1.
Production.
Cent Remaining
of
to be
Harvested. Subject to
•
1928
State. Area Harvested 10-Yr.
Revision in December.
Forecast
Aban
Avge. 1927. 1928.
in
from
dotted
19281928.
Average.Condition
1927.
1923-1927.1 1927.
May 1.
P. 8'.
Acres. P. C. P. C.
Bushels
6
j Bushels.
Bushels.
297,000 86
N. V-- 10.0
88
6,105,
6.069,000 4,677,000
N. J___ 4.6
60,000 86
84
1,271.000 1,380,000i 1,096,000
Pa.... 8.0 1,130,000 87
83
21,795,000 20.165.0001 18,148,000
Ohio.- 66.0
840,000 81
82
33,871,000 28.980.00011,478,000
791,000 84
89
lad... 65.0
30,057,0001 27,621,000 7,938,000
84
III- - -- 67.0 1,105,000 84
40,654,0001 30,956.0001 10,741,000
Mich- 13.0
855.000 83
87
17,607,0001 19,156,000i 12,979,000
Wis_.. 32.0
54,000 85
88
1,426,0001 1,716,0001
907,000
110,000 85
91
Minn-- 50.0
2,848,0001 3,317,0001 1,490,000
lows.. 29.0
393.000, 90
90
8,645,0
8,075,000 6,189,000
82
Me- - 32.0 1,489,000: 86
23,451,
15.580.0
15,488,000
81,000: 84
S.Dak
. 40.0
88
1,349,000I 1,890,0001949,060
94
Neb. - 13.0 3,289.000 85
44,760,0001 70,868,000 45,026,000
10,824,0001
83
86
17.0
Ran116,443.
111,283,000 142,877,000
100,000, 88
87
Del- -- 2.0
1,899,00
1,862,0001 1,628,000
540.0001 86
84
Md - - - 3.5
10,193.000 9.188,0001 8,635,000
629,000 88
87
Va.- _ - 12.0
9,650,111 8,381,000 6,944,000
117,0001 85
84
W. Va_ 19.0
2,101,''' 1,796,0001 1,220,000
435.0001 89
87
N. C.- 8.0
5,389,001 5,168,0001 4,242,000
70
87,900 81
S.C.- 12.0
948,000
880,0001
652,000
87,000 82
87
Oa_ _ _. 20.0
1.242.000 1,150,000!803,000
111.0001 87
Ify____ 67.0
88
4,160,000 3,059,000
918.000
Tenn__ 32.0
82
397,0001 86
4,798,111 3,696.000 3,225,000
7,000 83
84
91,111
Ala...- 16.0
74,000,
63,000
Min _ 20.0
6,0001 84
75
76.000
102,000
94,000
22.0001 86
80
Ark--- 30.0
453,000
322,000
184,000
80
Okla- - 8.0 4,375.000 82
46,240,000 33,372,000 51,844,000
75
Texas. 24.0 1,950,000 76
19,783,000 17,945,000 18,232,000
764,000 84
85
Mont__ 16.0
9,100,00 13,750,000 13,317,000
458.000 93
90
Idaho. 6.0
10,356.
12,274,000 10,146.000
58.000 90
88
try° _. 12.0
607,000
972,111
926,000
80
Colo.__ 35.0 1,013.000 86
13.928.000 16,003,111 12,764,000
171,000 76
N. Mex 37.0
60
1,616,000
150,001 1,696,000
90
90
47,000
1.0
Ads._ _
980,000 1,450,111 1,206,000
92
162.000 94
Utah_. 2.0
2,784.000 2,888,000 3.013,000
5,000 96
98
1.0
Nev.__
99,000
120,000
121,000
92
Wash__ 5.0 1.362,000 88
I 24.080,111 33,684.111 34,200.000
838.000 94
92
01'S-.. 3.0
I 16,478,000 23,400,1 I 1 17,925,000
calif- - 7.0 817,000 84 91
I 11,785.000 13.642,111 15,107,000
Ti. E. 21.1 t 5 858.I II 85.0 85.6 73.8 549.117.
52.384.000470 ass nun
2889
Foreign Crop Prospects.
The latest available information pertaining to cereal
crops in foreign countries, as reported by the Foreign
Service of the Bureau of Agricultural Economics to the
United States Department of Agriculture at Washington
and given out on May 9 is as follows:
Wheat.
The winter wheat acreage sown for the 1928 harvest in 16 foreign countries reporting to date is 94,607,000 acres as compared with 92,824,000 acres
for 1927 and 93,710.000 acres for the 1926 harvest, but winter killing and
poor growing conditions have more or less offset the increase according to
the Foreign Service of the Bureau of Agricultural Economics. United
States acreage remaining for harvest is 35,858,000 acres compared with
37,872,000 acres last year.
Early Canadian reports appear favorable to a normal wheat acreage or
better. The acreage prepared for all crops in the Prairie Provinces exceeds
last year. being 16,296,000 acres against 15,375,000 acres last year, according to a report of the Canadian Pacific Ry. A larger acreage prepared for
spring crops, however, does not always result in an increased wheat acreage.
On account of the very late seeding last spring more than usual acreage was
summer fallowed in each province, which favors good yields on those areas,
Seeding was general on higher and lighter soils on May 1 and is as far advanced as average of this time of year, according to the Canadian Pacific.
Last year, according to official reports, seeding was not as advanced as
usual by the first of May. Fall rains and average snowfall during the
winter have provided plenty of moisture and once the seed is in the ground
only warm weather is needed to develop rapid germination and growth.
Reports of fall wheat and rye indicate that both crops came through the
winter satisfactorily and are showing signs of good growth.
Ten countries of Europe report a total winter wheat area of 54,407,000
acres against 53,378,000 acres in 1927 and 54,145,000 acres in 1926. This
increase over last year may be offset by considerable winter killing in
northern and northwestern Europe. Spring sowings have been delayed
and the development of the winter wheat has been retarded as a result of
the cold spring. In south and southeastern Europe conditions are more
favorable. France reports a decrease of 1.5% in winter acreage sown.
Unofficial reports mention a loss of 15% from winter killing of which only
about half was being resown to wheat. Excessive moisture has also delayed spring sowings. The wheat condition in Germany as of April 1 was
the lowest since 1922. It was officially reported as 847 of the 10-year
average compared with 109% last year. The weather during April has
favored little, if any, improvement. Poland reports an increase of 3.6%
in the area sown, but winter killing In the central and western sections Is
reported to oe 12 or 15% of the seedings and the condition on April I was
below average and below last year. Unofficial reports from Italy Indicate
that the crop there is better than at this time last year. Spring work has
been delayed in the Danubian countries and there has been some winter
killing, especially in Rumania. The condition of the winter crop in Russia
is uncertain. It is officially reported for the country as a whole to be
generally satisfactory, but the report states that conditions are below
average in Crimea and North Caucasus, and, according to other reports.
the same is probably true in parts of Ukraine and the Volga regions.
In North Africa the acreage is reported at 4.7% aoove last year but
7.1% below the acreage for the 1926 harvest. Conditions there have been
generally, favorable. The first estimate of production in India is 330.624,000 bushels, which is 1% below the final estimate for 1927 but 2%
above the corresponding estate for 1927.
Rye.
Rye acreage in 11 European countries Is 22, 7it fin. acres against 21,967,000 acres in 1927. but part of this Increase, at least, is offset by winter
killing. In Poland the most important producer outside of Russia and
Germany for which reports have been received, conditions are reported
to be below average and winter killing heavy.
WINTER WHEAT AND RYE-ACREAGE IN COUNTRIES REPORTING
FOR THE 1928 HARVEST. AVERAGE 1909-1913, ANNUAL
1926 TO 1928.
Harvest Year.
Croy and Country.
Winter WheatCanada
United States
France
Spain
Italy
Czechoslovakia
Jugoslavia
Bulgaria
Rumania
Poland
Lithuania
Finland
Total Europe (10)
Total Africa (3)
Total Asia (2)
1926.
1927.
Acres.
1,019,000
28,382,000
15,510,000
9.547,000
11,793,000
1,548,000
3,982,000
2,409,000
8,183,000
3,350,000
211.000
8,000
Acres.
1,008,000
36.987,000
12.879,000
10,775.000
12,146.000
1,392,000
4,013,000
2,503,000
7,606.000
2,505.000
303,000
23,000
Acres.
979,000
37,872,000
12,994,000
10,671.000
12.320,000
1.428,000
4,267,000
2,409,000
6,371.000
2,599,000
297,000
22,000
1928.
.C.
1928
is of
1927.
AeleS. P. C.
1,009,000 103.1
35,858,000 94.7
12,802,000 98.5
10,528,000 98,7
12,361,000 100.3
1,464,000 102.5
4,478.000 104.9
2,804.000 116.4
6,983,000 109.0
2,693,000 103.6
272.000 91.6
22,000 100.0
56,539,000 54,145,000 53,378,000 54,407,009 101.9
Morocco
Algeria
Tunis
Great Lebanon
India
Average
1909-1913.
•
(1,700,000)
3,521,000
1,310,000
2,658,000
3,741,000
1,658.000
2,273,000
3,387,000
1,399,000
2,348.000 103.3
3,311,000 97.8
1,730,000 123.7
6.531,000
7.957.000
7,059,000
7,389.000 104.7
129,111
• (130,000)
136,000
124,000 91.2
• 29,224,000 39,471,000 31,272,000 31.678,000 101.3
29,354,000 30,600,000 31,408,000 31,902,000 101-3
Tot, above countries (17 121,825,000 130,697,000 130,698,000 130,465.000 99.8
Est. world total, winter an
spring area, excl. Russia • 204,200,000 231,000,000 234,500,000
Russia
Rye-Canada
United States
France
Spain
Italy
Czechoslovakia
Jugoslavia
Bulgaria
Rumania
Poland
Lithuania
Latvia
Finland
Total Europe (11)
21,144,000 27,057,000 27,794,000 102.7
117,000
586,000
542,000 92.5
737,000
2,236,000 3,578,000 3,670.000 3,562,000 97.1
3.095,000 1,958,000 1.970,000 1,982,000 100.6
1,988,000 1,866,000 1,860,000 2.083,000 112.0
346,000
298,000
307,000
297,000 96.7
2,605,000 2,008,000 1.964.000 1,997,000 101.7
732.000
425,000
406,000
439,000 103.3
542,000
392,000
400,000
450.000 112.5
1,286,000
673,000
592,000
626,000 105.7
12,127.000 11,864,000 12,008.000 12,549,000 104.3
1,749,000 1,109,000 1,240,000 1,161,000 93.6
621,000
888,000
633.000
627,000 99.1
589,000
565,000
568.000
568,000 100.0
. 25,947,000 21,760,000 21,967.000 22,779,000 103.7
Tot, above countries (131 28,300,000 26,075,000 26,223,000 26,883,000 102.5
Est, world total, excludlniz
Russia
48,300,000 45,500,000 46,100,000
Russia
66.646.000 68.297.000 67.423 nen
GQ /
2890
FINANCIAL CHRONICLE
Domestic Exports of Grain and Grain Products.
The Department of Commerce at Washington gave out on
April 25 its monthly report on the exports of the principal
grains and grain products for Mareh and the three months
ending with March, as compared with the corresponding
periods a year ago. Total values of these exports were
smaller in March 1928 than in March 1927, $17,919,000
being the value of the exports in March 1928 and $20,549,000 the value in March 1927. Exports of barley in March
this year were only 688,000 bushels as against 2,128,000
bushels in March 1927; exports of rice, 22,564,000 lbs. against
36,657,000 lbs.; exports of rye, 298,000 bushels against 783,000 bushels, and exports of wheat but 2,740,000 bushels
against 5,084,000 bushels. Exports of corn, malt, oats and
wheat flour, however, went out in larger quantities in March
of this year than in March last year. The details are as follows:
DOMESTIC EXPORTS OF PRINCIPAL GRAINS AND GRAIN PRODUCTS.
3 Months Ended March
March.
1928.
1927.
Barley, bushels
Value
Malt, bushels
Corn. bushels
Value
Kaffir and milo, bushels
Cornmeal. barrels
Hominy Se grits, pounds
Oats, bushels
Value
Oatmeal. pounds
Rice. pounds
Value
Rice broken, pounds
Value
Rye, bushels
Value
Wheat, bushels
Value
Wheat flour, barrels
Value
BiscuitsUnsweetened. pounds
Sweetened, pounds
Macaroni, pounds
2,128,000
$1,718,000
193,000
2.036.000
51,616,000
36,000
3,065,000
222.000
$126,000
3,328,000
36,657,000
$1,537,000
7.595.000
5228,000
783,000
5890,000
5,084,000
$7,417,000
867,000
55,696,000
1,017,000
415,000
746.000
1927.
1928.
4.385,000
3,267,000
688,000
$817,000 $3,506,000 53,564,000
529,000
614,000
253,000
5,671,000
9,193,000
3,602,000
53,980,000 54,407,000 $9,381,000
873,000
92,000
66,000
137,000
24,000
9,675,000
2,529,000
820,000
1.391,000
795,000
447,000
$428,000
$812,000
$290.000
3,519.000 10,271,000 11,065,000
22,564,000 96,873,000 79,100.000
$841,000 $3,902,000 $2,896,000
6.313,000 24,968,000 28.928,000
$679,000
$752,000
5181,000
2.166,000
1,215,000
298.000
5361.000 52.436.000 51.453,000
2.740,000 18,051,000 10,972,000
53,793.000 $26,282,000 514.913,000
2,751,000
3,203,000
1,011,000
$6,426,000 518,472,000 520,420,000
1,012,000
447,000
823,000
2,611,000
1,425,000
2,380.000
4,000,000
966,000
2,321,000
520.549.000 517.919,000 563,670,000 557,496,000
Total value
Transactions in Grain Futures During April on
Chicago Board of Trade and Other Markets.
Revised figures showing the volume of trading in grain
futures on the Board of Trade of the City of Chicago, by
days, during the month of April, together with monthly
totals for all "contract markets," as reported by the Grain
Futures Administration of the United States Department
of Agriculture, were made public May 7 by L. A. Fitz,
Grain Exchange Supervisor at Chicago. For the month of
April 1928 the total transactions at all markets reached
2,540,646,000 bushels compared with 1,339,358,000 bushels
in the same month last year. On the Chicago Board of
Trade the transactions in April this year amounted to
2,220,412,000 bushels, against 1,132,389,000 bushels in
April last year. Below we give the details for April-the
figures representing sales only, there being an equal volume
of purchases.
VOLUME OF TRADING.
Expressed in Thousands of Bushels-i. e., 000 Omitted.
April 1928.
Wheat.
1 Sunday
2
3
4
5
6 Holiday
7
8 Sunday
9
10
11
12
13
14
15 Sunday
16
17
18
19
20
21
22 Sunday
23
24
25
26
27
28
29 Sunday
30
Corn.
Oats.
Rye.
Barley. Flax.
3,070
3,690
2,558
3,194
986
885
1,191
1,090
16,410 10,754
1,606
804
16,200
11,637
77,782
63,762
60,748
65.153
14.545
9,859
25,712
29,062
19,526
29.815
2,661
1,010
2,675
3,189
3,108
7,043
575
399
1,593
1,651
1,723
1,978
--------33,981
--------22,905
--------107,762
--------97,664
--------85,105
--------103,989
70.699
65.947
84.252
80,198
61,801
37,470
33,340 12,192
26.349 7,362
51,350 8.250
51,501 10,549
33,487 7,713
20,505 6,401
3,223
2,929
2,142
2,099
1,243
883
--------119,463
--------102,587
--------145,994
--------144,347
--------104,244
--------65,259
42.736
40,013
89,184
64,097
87.980
67,979
29,876
29,157
31,497
30,147
29.738
21,578
4,738
6,049
7,297
7,321
6,409
5,128
1,472
2,159
2,815
2,151
2.358
2,239
--------78,822
--------77,378
--------130,793
--------103,716
--------126,485
--------96,924
85,401 61,836 10.510
2.992
--------160,739
179.144 49,837
110,655 60,900
April 1928.
--------29,574
2,974
3,138
Wheat,
Corn.
4.147 2,540,646
6,136 1.339.358
--------1.132.389
87.338 45,343
a Hard wheat exCeptIng 32.000.
Rye.
Oats.
1 Sunday _ .._.
2
a97,294,000 994.044,000 33,014,000
3
100,263,000 93,790,000 33,615,000
4
100,297,000 93.489,000 33.869,000
5
100,327,000 92,727,000 33,953,000
6 Holiday__ _ _
7
101,448,000 93,171,000 33,842,000
8 Sunday.
9.
101.136,000 92,844,000 33,929,000
10
100,143,000 93,079,000 33,830,000
11
98,706,000 92,413,000 33,552,000
12
99,140,000 92,926,000 33,103,000
13
98,728,000 92,846,000 a32,992,000
14
98,044,000 93,113,000 33,824,000
15 Sunday- _ - 16
101,363,000 92,827,000 34,316,000
17
102,545.000 92,263,000 34.590,000
18
105,794,000 92,968,000 35,159,000
19
106,187,000 91,188,000 35,710,000
20
109,614,000 90,220,000 35,805,000
21
108,845,000 90,083,000 35,141,000
22 Sunday__ _ _
23
112,192,000 90,367,000 35,645,000
24
111,629,0130 89,888,000 935,891,000
25
111,554,000 a87,466,000 35,763,000
26
111,835,000 87,811,000 35,724,000
27
116,432,000 89,209,000 35,303,000
28
119,583,000 88,822,000 35,862,000
19 Sunday _ _
30
8121,502,000 89,203,000 34.992,000
Averagetun 1928
105,609,000
kpr. 1927
80,193,000
Vier, 1928
88,281,000
;'
. eb. 1928
86,679,000
Ian. 1928
81,733,000
3ec. 1927
75,934,000
Coy.1927
91,783.000
)ct. 1927
90,071,000
lept.1927
80,043,000
kug. 1927
82,883,000
'uly 1927
79,704,000
une 1927
74,075,000
day 1927
68.957.000
a Low. b High.
91,532.000
80,416,000
98,849,000
98,133,000
83,525,000
75,150,000
77,134,000
68,679,000
69,773,000
82,329,000
78,319,000
76,816,000
69.326.000
34,559,000
43.551.000
33,671.000
37.221.000
36.132.000
34.430.000
35,026,000
36.353,000
35.944,000
30,721,000
27,803,000
32,549,000
32 798 nnn
Total,
8,328,000 a232,680,000
8,420,000 236,088,000
8,459,000 236.114,000
8,493,000 235,500,000
8,541,000 237,002,000
8,679,000
8,659,000
8,767,000
8.639,000
8,669,000
8,530,000
236,588,000
235,711,000
233,436,000
233,808,000
233,235,000
233,511,000
8,505,000
8,390,000
8,455,000
8,601,000
8,582.000
8,578,000
237.011,000
237.788,000
242,376,000
241,686,000
244,221,000
242,647,000
8,485,000
8,537,000
8,655,000
8,525,000
98,831,000
8,706,000
246,689.000
245.945,000
243,438,000
243,895,000
249,775,000
252,973,000
a8,198,000 8253,895,000
8,551,000
13.585.000
8.355.000
9e50.000
9,I3132.000
9.746,000
10,768,000
10,038,000
10,645,000
11,163,000
10,544,000
10,145,000
R A07 nnn
240,251,000
217,745,000
229,156,000
231,613,000
211,272,000
195,260,000
214,711,000
205,141,000
196,405,000
207,096,000
196,370.000
193,585,000
170 555 nrin
April Figures of Raw Silk Imports, Stocks, Deliveries,
&c.-Imports Lowest Since Feb. 1927-Deliveries
to American Mills Also Fall Off.
Imports of raw silk during the month of April totaled
36,555 bales, a decrease of 13,965 as compared with the
preceding month, and a decrease of 9,931 bales as compared
with imports during the month of April 1927. The figure
for last month is the lowest since Feb. 1927 when 33,991
bales were imported, according to the Silk Association of
America, Inc. Approximate deliveries to American mills
in April 1928 amounted to 41,258 bales, a decrease of 10,753
bales as against total deliveries in the preceding month of
52,011 bales and also compares with 47,853 bales in April
1927. Stocks of raw silk on May 1 this year amounted to
35,483 bales as compared with 40,186 bales on Apr. 1 last
and 31,749 bales on May 1 1927. The following figutes
have been released by the Silk Association:
RAW SILK IN STORAGE MAY 1 1928.
(As reported by the principal warehouses in New York City-figures in bales.)
EuroAll
Dean. Japan. Other.
Stocks April 1 1928
Imports month of March 1928 x
Approx, deliveries to American mills dur'it Marah v
Total.
882 34,681
492 32,217
4,623 40,188
3,846 36,555
1,374 66,898
985 29,737
8,469 76,741
4,761 35,483
3831 37 101
2 705
dl 955
SUMMARY.
--------69,981
--------72,483
--------67,370
--------72,847
--------2,220,412
41.580
Chicago Board of Tr_ 1.354.075 691.036 133.721
--------56,533
1,039
65
38.155 17,274
Chicago Open Board_
2,951
2,525 115,899
2,136
12,727
____
95.560
Minneapolis C of C_
------------92,171
____ 30,202
61,969
Kansas City Bd.of T.
31,837
15
1,622
--------5,536
Duluth Board of Tr_ '24,664
----------------11,310
a9,210 2,100
St. Louis Mer. Exch_
--------11,393
520
1,455
4,399
5,019
Milwaukee C. of C
--------------------1,083
1,083
Seattle Mer. Exch.__
8
----8
--- -Los Angeles Gr. Ex
Total all markets1,589.735 714.809
April 1928
845,494 313.035
April 1927
Chicago Board of Tr.
712,327 287,381
year ago
*Durum wheat excepting 2,967,000.
"OPEN CONTRACTS" IN FUTURES ON THE CHICAGO BOARD OF TRADE
FOR APRIL 1928.
("Short" side of contracts only, there being an equal volume open on "long" side.) •
Total amount available during April
Stocks May 1 1928 z
Total,
27.078
22.088
18,106
34,121
38,847
45,820
45,517
34,442
[VoL. 126.
January
February
March
April
May
June
July
August
September
October
November
December
Total
Average monthly
Imports During the Month.z
Storage at End of Month z
1928.
1927.
1926.
1928.
1927.
1926.
46,408
44,828
50.520
36,555
48.456
33,991
38,600
46.486
49,264
42.809
47,856
59,819
52.475
51,207
36,650
44.828
43.650
38.568
31,930
31,450
35.120
35,612
37.842
46.421
50,415
48.403
59,670
45.119
47.528
41,677
40.186
35,483
52,627
43,758
33,116
31,749
35,527
37.024
43,841
56,618
58.986
62,366
52.069
53.540
47,326
43,418
35,948
30.122
31,143
29,111
27,528
28.006
34,459
35,094
47,130
52,478
178,311
44,578
552,441
46,037
504.200
42,017
41,219
46,768
36,814
Approximate Deliveries
to American MUtt y
January
February
March
April
May
June
July
A ugust
September
October
November
December
Approximate Amount in Transit
between Japan and New York
-End of Month.
1928.
1927.
1926.
1928.
1927.
1926.
52.420
50,679
52.011
41,258
48,307
42.860
49,242
47.853
45.486
41.312
41.039
47.042
50.107
47.827
46.947
43,357
46,148
42,476
39.400
37.276
34,099
37.644
39,425
45,943
43.962
47.768
47.634
39.771
25.000
23,500
19,200
28,500
17.700
19,000
21,700
25.000
22.900
26.600
29.000
28.400
21,500
18.500
26.900
33.500
14.800
14,400
18.400
18.700
18,000
18.300
23,000
24.000
23,900
32,400
19.700
26,500
196,368 551,379 501,546
Total
45.948
41,796
Average monthly 49,092
24,050
24,225
21,008
x Imports at New York during current month and at Pacific ports prey ous to ,he
time allowed In trans' across he Continent (covered by meal eats 62 to 85, Incl.).
y Incl. re-exports. z Inc1-782 bales held at railroad terminals at enD of month
Mar 12 1928.]
FINANCIAL CHRONICLE
New Figures of World Cotton Carryover Presented to
Senate Committee by H. J. Zimmerman Census
Bureau Statistician.
The world carryover of American cotton July 31 1927,
was 7,599,000 bales, according to calculations of Henry J.
Zimmerman, cotton statistician of the census Bureau. This
figure compares with 7,816,000 bales reported by the Bureau
of Agriculture Economics last fall and with 6,952,000 bales
calculated by Henry G. Hester, secretary of the New Orleans
Cotton Exchange. The new Census Bureau figures were
made known May 3, as is indicated in the following from
Washington that day, taken from the "Journal of Com• merce":
A demand that Secretary of Commerce Hoover be called before the
Cotton Trade Probe Committee was made to-day by Representative Rankin
Mississippi, during the presentation of testimony on the carryover of
American cotton by Harvey J. Zimmerman, statistician of the Census
bureau. Checking up on the witness members of the committee criticized
him roundly for having accepted figures compiled by the International
Federation of Master Cotton Spinners' Associations instead of taking the
data furnished by Henry G. Hester, secretary of the New Orleans Cotton
Exchange.
He presented to-day new figures of the carryover as being 7,599.000. compared with 6,952,000 reported by Colonel Hester and 7.818,000, reported
by the Bureau of Agriculture Economics. The principal difference between the Zimmerman and Hester figures was as to stocks in Continental
mills, the former being 269.000 bales higher. Hester gave no figures for
cotton in Canadian or Indian mills, in Chinese mills, ports or afloat.
Legislation Demanded.
Members of the committee were visibly incensed over the testimony
presented by Zimmerman. because he had failed either to seek legislation
that would have enabled the Census Bureau to get accurate data as to
foreign stocks, or the aid of Secretary Hoover in putting the Commerce Department agents abroad to work gathering statistics. Zimmerman stated
that the sources of information in detail as to stocks of cotton have never
been adequate for many countries, the United States alone having provided
an efficient means of determining the supply and distribution of cotton
within its borders. He explained, howeder, that the bureau was not called
upon by law to announce world carryover figures, and last year, since the
Bureau of Agricultural Economics had made such a report his bureau
"did not duplicate that work."
"You passed the buck to the Department of Agriculture and therefore
avoided the responsibility of giving us an accurate statement of what you
consider the world's carryover unless you maintain, as you did, that you
have such absolute confidence in the Spinners' Federation as compared to
our own statistician Hester," said Senator Smith.
Zimmerman recommended the enactment of legislation which will unify
the cotton statistical work, either through a Committee or a bureau, instead
of having a number of bureaus giving out figures.
Zimmerman Defends Figures.
The committee seemed determined to substantiate by the witness's testimony the carryover figures of Henry G. Hester, which Zimmerman said
were based on data furnished by 'T. R. Ellison. Liverpool cotton merchant.
Ellison, he said, had not taken figures for Russia, or probably some of the
outstanding sections. He defended the figures of the International Federation of Master Cotton Spinners' Associations for Russia (125.000 bales) on
the basis of the large exports of cotton to Russia from the United States.
Hester did not believe it was possible that so much cotton should be in
Russia when there are so few spindles there compared with Great Britain.
He explained that it is not so necessary to keep stocks in the British mills,
so near the import centers, as is the case of Russian mills so far distant
from the ports.
"In arriving at the carryover of American cotton many sources of information must be examined and considered and because of the complexities
encountered and the lack of reliable data it is obviously impossible to
compile statistics representing the actual condition with complete accuracy."
he said. "It is to be expected, therefore, that there will be differences
between the total carryover as compiled by the several statisticians because of differences in evaluating the data which must be considered and
because of differences in methods of compiling the data.
"With the above qualifications we respectfully submit our opinion concerning stocks of American cotton at 'specific' locations on July 31 1927.
The following statement shows the figures as published by Colonel Hester
and by the Bureau of Agricultural Economics,together with those compiled
by the Bureau of the Census, with differences between the several compilations. Details for the stocks at specific locations follow this statement:
/tem—
Census.
Hester.
United States
3 663.000 3,551.000
European ports and afloat
2.088,000 2,093.000
United Kingdom mills
122.000
125,000
Continental mills
919,000
650.000
Canada
69,000
India mills
75.000
China—Ports and afloat
41,000
Mills
68,000
Japan
544,000
533,000
Sundries
10.000
*Less
Total
7.599,000 6.952,000
* 79,000 American in foreign mills not included in original total for
"mills other than United States" added in above detail.
Zimmerman took up in detail the figures of Colonel Hester, his own
bureau and the Department of Agriculture. This led Senator Smith of
South Carolina to say he believed that sufficient information had been
given the committee to enable it to arrive at a conclusion of its own as to
the cotton carryover. When the committee adjourned to-day it was until
Monday next, when Lloyd S. Tenney will be recalled to be questioned as to
who was responsible for the Sept. 15 cotton price prediction. In the meantime the committee will work on the report that it proposes to make to the
Senate. The work ofreclassifying the cotton held in New York will be completed next week, it was stated, and a report will be presented on that
feature also.
National Wholesale Dry Goods Institute Formed at
St. Louis.
The Wholesale Dry Goods Institute of the United States
Game into existence at the convention of the Wholesale Dry
2891
Goods Association of the United States, in St. Louis on
April 24 when leading jobbers from all parts of the United
States ratified the constitution which had been formulated
by the organization and membership committees. Announcement of this was contained in advices to the New
York "Journal of Commerce," which reported that complete
organization plans for the establishment of the Institute as
to successor to the Association were perfected on April 23
at a joint meeting of the executive organization and membership committees of the Association. The paper quoted
said:
To Conduct Research.
The work of the institute will not be limited to the functions of the ordinary commercial associations, but will comprise research, ethics, practice
and similar fundamental features. The scope of activities is indicated by
article 2 of the constitution which specifies its purpose as follows: "The
purpose of the institute shall be to foster the mutual interests of its members
with due observance to the interests of the public; to encourage sentiment
of friendliness among and between its members, and those with whom they
transact business; to eradicate the evils of unfair practice and misrepresentation; to establish systematic business methods; to collect and circulate
statistical information, so far as practicable and proper, in all matter,
which will aid in placing the wholesale dry goods business upon a stable and
scientific foundation; and to undertake such other appropriate work a*
experience and the members of the institute may deyermine."
Headquarters will be in New York City and the organization plan, which
is incorporated in the constitution, designates twelve territorial zones.each of which will elect a director to the board. The several zones are described as follows: (1) New England States, New York (except Buffalo).
and Pennsylvania, except Pittsburgh: (2) Buffalo. Pittsburgh, Ohlo, West
Virginia, Cumberland, Md., Lexington, Ky., Ashland, Ky., Detroit, and
Indiana, except Indianapolis;(3) Baltimore, District of Columbia. Virginia.
and North Carolina;(4) Georgia, Florida, Alabama, east Tennessee, South
Carolina;(5) Louisville, Paducah, Ky., Memphis, Nashville, Tenn., Cairo,
Ill., Indianapolis, Ind.. Mississippi and Arkansas. except Fort Smith;
(6) Fort Smith, Ark., Louisiana, Texas, Oklahoma, New Mexico; (7)
Chicago and St. Louis;(8) St. Joseph, Mo., Kansas City, Omaha, Wichita.
Has., Sioux City, Ia., and Missouri Valley, except St. Louis; (9) Des
Moines, Duluth, Minneapolis, St. Paul, Wisconsin; (10) Denver, Utah.
Colorado, Wyoming, Montana, Idaho; (11) California, Nevada. Arizona;
(12) Washington and Oregon. Zones 1, 3, 5, 7, 9 and 11 will elect six
directors to serve for one year,and zones 2.4,6,8,10 and 12 six to serve for
two years. The director of each zone will have an advisory council of
four, with a secretary, to carry on district work.
S. M.Bond, president of the Root & McBride Co., Cleveland, was on April 25 elected president of the new Institute;
Ernest W. Stix, president of the Rice-Sax Dry Goods Co.,
St. Louis, was elected First Vice-President, and W. J. D.
Bell, President of the Quinn Marshall Co., Lynchburg, Va.,
Second Vice-President.
President Bond stated that Alvin E. Dodd of New York
City would be the Director General who, with the executive
committee, would manage the new organization.
J. R. Nutt of Union Trust Co., Cleveland, on Rubber
and Tire Outlook—Abandonment of British Export
Restrictions.
With the abandonment of the British export restrictions,
crude rubber is standing upon Its own feet in the world markets for the first time in five years, says J. R. Nutt, President of the Union Trust Company, Cleveland. Tire prices
now are the lowest in history and leading manufacturers
have expressed themselves as opposed to further immediate
reduction because of present inventories of high priced rubber, says the banker. "The chief weakness of the Stevenson plan was that the Dutch growers gave It no co-operation," says Mr. Nutt in the bank's magazine "Trade Winds"
for April. "Its chief defect was that the British attempted
to maintain a price so high that the Dutch production of
crude rubber and the use of reclaimed rubber in America
were greatly stimulated." He adds in part:
"In addition to the collapse of prices of rubber, abandonment of the
Stevenson plan may be expected to have four other results. The first
of these is an increase of production in the British Colonial possessions
in the Far East, in preparation for lifting of the export ban scheduled
for November 1st. The second will be a slackening of plans for the development of new plantations. Third will be increased consumption of raw
rubber due to lower price levels. The fourth result of the new condition
is likely to be some eventual reduction in the price of tires and other
rubber manufactures.
"Leading manufacturers have expressed themselves as opposed to any
immediate price reduction because of large existing inventories involving
higher priced rubber. Producers are compelled to purchase their crude
rubber requirements long in advance because it takes three months for
delivery from plantation in the Far East to the factory in America.
"While some uncertainty respecting the future price of tires prevails,
it is clear that no reduction proportionate to the drastic decline of raw
rubber is to be expected. The lower rubber goes in price the less bnportant it becomes in affecting the cost of tires compared with labor and
other materials.
"Under the workings of the Stevenson plan the percentage of British
production to total world output of rubber declined from 70% to less
than 50%. Meanwhile Dutch output increased from 20,000 tons annually
to about 100,000 and the rise of reclaimed rubber in this country rose
from 67,000 tons to 200,000 in 1927.
"With 23,000,000 automobiles in the country and an annual average
output of 4,000,000 the replacement and original equipment demand for
tires is expanding each year.
"Present indications are that 70,000,000 tires will be made and
sold
this year against 65,000,000 in 1927 and 60,000,000 in 1926.
The es-
2892
[you
FINANCIAL CHRONICLE
126.
penditures for the tires should exceed $800,000,000, a sum greater than
the total cost of all the motor cars produced in any year up to 1916.
"With the annual demand for tires in this country constantly increasing it is noteworthy that there is an apparent ample world supply of
crude rubber, and that this supply and the price for it is no longer under
the control of any single government."
at Portsmouth, Marcus Hook and l'remley Point, and 10%c.
at Tiverton, R. I. The new price for kerosene is 63c. a
gallon at Houston, 64c. at New Orleans, 73jo. at Tampa
and Jacksonville, and 734c. at Charleston, Portsmouth,
Marcus Hook, Tiverton, R. I., and Tremley Point.
Prices in the wholesale markets of Chicago on May 10
Domestic Exports of Cotton, Cotton Cloths, Yarns, stood as follows: Motor grade gasoline, 73 to 75,4c.; keroThreads and Hosiery.
sene, 41-43 water white, 534 to 594.; fuel oil, 24-26 gravity,
The Department of Commerce at Washington on April 25 823' to 85c.
issued its monthly report on the domestic exports of cotton,
cotton cloths, yarns, thread and hosiery for the month of Continued Increase Reported in Crude Oil Production
March and the three months ending with March, with comCrude oil production continues to increase, according
parisons for the corresponding periods a year ago. The ex- to figures compiled by the American Petroleum Institute,
ports of raw cotton were considerably smaller in both which estimates that the daily average gross crude oil
quantity and value in March of this year than in March last production in the United States for the week ended May 5
year, 614,428 bales having been shipped out in March, 1928 was 2,466,650 barrels, az compared with 2,403,800
192§. against 1,129,537 bales in March, 1927, and the value barrels for the preceding N.eek, a gain of 62,850 barrels.
of these exports was placed at $62,628,840 in March this Compared with the output of 2,506,400 barrels per day in
year as compared with $80,456,022 in March last year. For the corresponding week of 1927, current output shows a
the three months period ending with March, 1928, the decline of 39,750 barrels per day. The current daily
exports of raw cotton have been only 1,989,957 bales as average production east of California was 1,844,350 barrels,
against 3,255,836 bales in the three months period ending as compared with 1,782,800 barrels, an increase of 61,550
'with March, 1927. The value of these shipments was $204,- barrels. The following are estimates of daily average gross
408,118 against $229,498,709. The exports of cotton manu- production by districts for the week ended May 5, April 28,
facturers increased somewhat in March, and the three April 211928, and May 7 1927.
months period ending with March as compared with the
DAILY AVERAGE PRODUCTION.
corresponding periods a year ago. Below is the report in full. (15 Barrels)May 5 '28. Apr.28'28. Apr.21'28. May 7 '27.
DOMBSTIC EXPORTS OF COTTON,COTTON CLOTHS,YARNS,THREADS
AND HOSIERY.
Month0March.
1927.
1928.
Three Mos. Ended March
1927.
1928.
Raw cotton. Inckid. linters
1,989,957
614,428
1,129,537
3,255,836
bales
$80,456,022 $62,628,840 $229,498,709 $204,408,118
Value
$10,924.316 $11,939,017 $29,056.859 $31,392,061
Cotton manuf.,total
Cotton cloths, tot. sq. yds. 44,732,047 44,423.012 120,764,617 115,994,288
$5.900.258 $6,857,400 $15,903,731 $17,669,582
Value
1,587,809
730,421
172,529
508,364
Tke fabrics,eq. yds
$314,903
645,340
$49,407
Value
147,507
3,582,143
1,455,993
3,489,130
Cotton duck,sq. yds
1,401,577
1,111,428
1,202,066
$496,677
Value
$405,288
Other cotton cloths:
21,614.851
30,862.538
8.755.148
Unbleached.sq. yds_ .._ _ 11,170,223
2,717,115
2,071,408
852,981
$990,048
Value
19,756,542
7,959,824
18,971,817
Bleached,sq. yds_ _.
. 6,183,799
$2,195,437
$2,109,794
$889,546
$722,236
Value
69,545,956
66,839,755
Colored.sq. yds
25,803,919 25,521,626
$9,817,887 $11,555,331
83.733,281 $4,303,293
Value
Cotton yarn,thread. i&c.:
3,130,214
4,733,081
1,149,132
Carded yarn.lbs
1,721,872
1,188,902
$1,428,196
$392,239
$521,840
Value
2.954.763
2.440.588
850,321
964,674
Combed yarn.ibe
$2,452,794
$1,722,410
$844,355
$822,106
Value
Sewing, crochet, darning,
304,532
97,184
& emb.cotton,lbs
123,915
349,525
$305,577
$112,193
$325,910
$100,216
Value
1,131,242
1,162,715
469,684
Cotton hosiery,dos.Drs.-422,301
82,033,325
$2,024,078
3810,876
Vane
$707.996
Oklahoma
Kansas
Panhandle Texas
North Texas
West Central Texas
West Texas
East Central Texas
Southwest Texas
North Louisiana
Arkansas
Coastal Texas
Coastal Louisiana
Eastern
Wyoming
Montana
Colorado
New Mexico
California
617,100
110,300
68.800
74,750
55,500
426.950
23,500
23,250
44.800
84,100
108,100
17,650
110,500
60,050
11,750
6,850
2.400
622,300
609,650
111,000
70,500
72,650
55,250
387,150
23,600
23,500
46,500
78,500
97,950
16,400
109,000
60,450
11,450
6,650
2,600
621,000
620,550
111,350
89,250
69,450
54.850
371.800
23.700
23.600
47,750
85,200
100,600
16.450
107,500
58,750
11,900
6,350
2,200
612,500
745,250
115.100
134,900
88.850
74,350
110,850
40,400
35.750
45,650
110,050
138,400
16,200
112,000
62,850
15,100
9,550
7,250
643,900
Total
2,466,650 2,403.800 2,393,750 2,506,400
The estimated daily average gross production of the Mid-Continent
field, including Oklahoma, Kansas, Panhandle, north, west central, west,
east central and southwest Texas, north Louisiana and Arkansas, for the
week ended May 5 was 1,529,050 barrelq, as compared with 1,478,300
barrels for the preceding week, an increase of 50,750 barrels. The MidContinent production, excluding Smackover, Arkansas, heavy oil, was
1,468,950 barrels, as compared with 1,420,350 barrels, an increase of
48,600 barrels.
The production figures of certain pools in the various districts for the
current week compared with the previous week follow (figures in barrels
of42 gallons):
-Week EndedOklahomaMay 5. Apr.28.
North Braman
3,200 2,950
South Braman
1,750 1,800
Tonkawa
14.100 14,250
Garber
8,750 8,600
Burbank
35,900 36,700
Bristow Slick
23,900 23,950
Cromwell
9.850 9,900
Wewoka
7,300 • 7,700
Seminole
53,550 54,150
Bowlegs
70.500 72,250
Searight
14,950 15,150
Little River
48,400 34,450
Earlsboro
93,500 93.700
Panhandle TexasHutchinson County...-. 41.500 42,100
Carson County
7,400 7,600
Gray County
18,750 19,550
Wheeler County
1,000 1,000
West Central TexasBrown County
12.900 12,750
Shackelford County---- 9,600 9.500
West TexasReagan County
18,500 18,800
Pecos County
49.700 50,000
Crane& Upton Counties. 72,800 74,800
Winkler
272,800 230,500
East Central TexasCorsicana Powell
11,750 11,800
Nigger Creek
1,350 1,350
Southwest Texas13.500 13.600
Luling
Laredo District
6,100 8,200
North LouisianaHaynesville
Urania
-Week EndedMay 5. Apr.28.
6,300 6,300
6,750 7,300
ArkansasNo Crude Oil Price Changes Reported-Some Revisions
Smackover, light
7,600 7,150
Occur in Gasoline.
Smackover. heavy
60,100 57,950
Crude oil prices continued to remain at about the same
Coastal TexasWest Columbia
8,000 8,300
levels as in recent weeks. Gasoline prices, however, showed
Blue Ridge
6,900 6,950
Pierce Junction
some ehanges along the Atlantic coast, and at southern and
12,000 10,000
Hull
10,750 10,500
western points. Effective May 7, the Standard Oil of KenSpindletoo
37,200 32,000
Orange County
4,600 4,700
tuoky advanced tank wagon and service station prices of
Wyominggasoline lc. generally throughout Mississippi, Alabama,
Salt Creek
40,050 41,450
Georgia and Florida. The State of Kentucky remains unMontanaStandard
Louisiana
Oil
Co.
7,
the
of
May
on
Sunburst
changed.,Also
9,800 9.500
advanced the tank wagon price of gasoline Ho. to le. a
CaliforniaSanta Fe Springs
37,000 37.000
gallon in localities in Tennessee where prices were below the
Long Beach
171,500 170,000
Huntington Beach
55,500 55,500
general prevailing level.
Torrance
18,500 18,500
Dominguez
Reports from Philadelphia on May 9 stated that, effective
12,500 12,500
Rosecrans
6,500 6,500
station
reduced
Refining
service
Co.
May 10, the Atlantic
Inglewood
29,000 29,000
Midway-Sunset
73,500 73,500
prices of gasoline 10. throughout Pennsylvania and DelaVentura Avenue
49,000 49,000
Seal Beach
38,600 38,500
ware, making the price generally 210. per gallon. The tank
wagon price remains unchanged. This establishes a 2c.
Shut Down Agreement in Seminole Oil
spread between tank wagon and service station prices,
Area Extended.
instead of the 3c. differential in effect over a long period,
(Okla.)
advices
Tulsa
in the "Sun" last night (May 11)
in
than
a
year
in
more
change
first
the
represents
also
and
said:
these two states.
Operators in the Seminole oil area have unanimously agreed to extend
The Gulf Refining Co. on May 10 met the Atlantic
shut down agreement In the Little River pool for 30 days after May 16.
Refining Co.'s reduction of lc. per gallon for service station the
The decision means that it will be September before any appreciable ingasoline.
crease in production can result from development in that district.
The extension of the agreement was made possible as a result of an arIn the West, gasoline was advanced lo. a gallon by A. A.
rangement made by the Carter 011 Co., a subsidiary of the Standard Oil
Vickers Petroleum Co., marketer of Midwest brands, which Co. of New Jersey, to advance
money to the Reiter Foster 011 Co. on pomade service station price in Denver 200. per gallon,including tential production of that company from the Runyard well which it recrude
completed.
The
cently
Continental
oil price structure in the mid-continent
the
by
made
30. tax. A similar advance was
field has been greatly strengthened by the extension of the curtagment
Oil Co.,and others. The change applies to Colorado territory. agreement.
On May 11, the Sinclair Refining Co. advanced the price
of gasoline and kerosene in bulk from 3,40. to Yic. a gallon Daily Production of Natural-Gas Gasoline In March
Below That for the Previous Month.
atlits Gulf and Atlantic Coast terminals. The new price for
According to the Bureau of Mines, Department of Comgasoline is 9o. a gallon at Houston and New Orleans, 932c.
at Tampa, 9Mc. at Jacksonville, 10c. at Charleston, 103 1c. merce, the production of natural-gas gasoline registered a
MAY 121928.]
FINANCIAL CHRONICLE
material slump in March, when the total output amounted
to 143,900,000 gallons. This represents a daily average of
4,640,000 gallons, a decrease from February of 110,000
gallons. The major portion of the decreased daily average
output was reported in the Applachian district, and in the
Seminole field, the leading producing area in the OklahomaKansas district, where the production of casinghead gas is
on the decline.
Stocks of natural-gas gasoline at the plants again increased and amounted to 35,358,000 gallons on March 31
as compared with 34,600,000 gallons on hand the previous
month. Blending at the plants showed a small increase
but blending at refineries dropped off.
OUTPUT OF NATURAL-GAS GASOLINE (IN GALLONS-000 OMITTED).
Stocks End
of Month.
Appalachian
Indiana, Illinois, &i,
Oklahoma, Kansas, &c
Texas
Louisiana and Arkansas
Rocky Mountain
California
Total United States
Jan.Mar.
1928.
Mar.
1928.
Feb.
1928.
10,100
1,400
52.700
27.000
7,200
3,800
41,700
10,300 31,000 9,600 4,788 3.828
428
1,300 4,000 1,500
428
51,600 155,700 45,600 16,738 17,510
25,600 78,800 28,400 9,832 9,006
6,800 20,700 7,000 1,700 1,945
479
3,400 10,400 4,000
490
38,700 122,400 41,300 1.393 1.393
Mar.
1927.
Mar.
1928.
Feb.
1928.
143,900 137,700 423,000 137,400 35,358 34,600
4 F1411
d7M1
4 RAn
44:12
DidIvAVPMFA
Production and Shipments of Portland Cement in
April Exceeds Previous Month, but Lower than
Corresponding Month in 1927-Stocks Higher.
The Portland cement industry in April 1928 produced
13,468,000 barrels, shipped 13,307,000 barrels from the mills,
and had in stock at the end of the month 27,605,000 barrels,
according to the United States Bureau of Mines, Department of Commerce. The production of Portland cement in
April 1928 showed a decrease of 4.1% and shipments a
decrease of 7.3% as compared with April 1927. Portland
cement stocks at the mills were 16.7% higher than a year
ago. The total production from January to April 1928
inclusive amounts to 42,256,000 barrels, compared with
41,133,000 barrels in the same periods of 1927, and the
total shipmentsfrom January to April 1928 inclusive amounts
to 36,546,000 barrels, as compared with 38,149,000 barrels
in the same period of 1927.
The output of finished cement by the 156 plants active
at the close of April 1928 was equivalent to 70% of the
estimated capacity, as compared to an output of 78.1%
of capacity of the 143 plants at the close of April 1927.
The Bureau also released the following statistics:
PRODUCTION. SHIPMENTS AND STOCKS OF FINISHED PORTLAND
CEMENT, BY DISTRICTS, IN APRIL 1927 AND 1928 (IN BARRELS).
Production.
Shipments.
Stocks End of Month.
District.
1927.
1927.
1928.
1927.
1928.
3,640,000 3.084,000 4,163,000 3,303,000 5,154,000 6,463,000
898,000
831,000
843,000
850,000 1.624,000 1,847.000
1,409.000 1,321,000 1,301,000 1,154,000 3.380,000 3,577.000
1,056,000 1.056,000
963.000
846,000 2,068.000 2.470,000
1,552,000 1,438,000 1,623,000 1,670,000 3,277,000 3,429,000
1,354,000 1,381,000 1,385,000 1,276,000 1,144,000 2,04,0000
982,000 1,142,000
977,000 1,154,000 3,231,000 3,901.000
964,000
469,000
791,000
491,000
906.000
557,000
803.000 1,7560.00 1,566.000
538,000
425,000
458,000
210,000
200,000
194,000
217.000
1,177,000 1,254,000 1,263,000 1,184,000
337,000
298,000
356,000
312.000
486,000
629,000
480,000
465.000
929,000
450,000
14.048,000 13,468,000 14,350.000 13,307,000 23,654.000 27.605,000
Total
PRODUCTION. SHIPMENTS AND STOCKS OF FINISHED PORTLAND
CEMENT BY MONTHS. IN 1927 AND 1928 (IN BBLS.).
Production.
Shipments.
Month.
1927.
Jae__
Feb._
March.AprI1-__
May.-June...
July__
Aug....
Sept__
Oct....
Nov.Dec__
1928.
1927.
1928.
Stocks at End of Month.
1927.
1928.
8,258,000 a9,768,000 5,968,000 a6,541,000 22,914,000 25,116,000
2,377,000 8,797,000 6,731,000 6.563.000 23.563.000 27,349.000
11,450,000 10.223,000 11.100.000 10,135.000 23,922,000 a27.445,000
14,048,000 13,468,000 14,350,000 13,307,000 23,654,000 27,605,000
16,701.000
16,865.000
23 563,000
17,224,000
19,761,000
20.972,000
18.984,000
17,408,000
19,397,000
18,315,000
21,411.000
16.292,000
17,505,000
19.828,000
13,996,000
17,174.000
18.105,000
13,141.000
14,449,000
11.619,000
16,022,000
11,999.000
6,200.000
521.950,000
170,922,000
Total_ 171,908.000
a Revised. b Maine began producing and shipping in April 1928.
The above statistics are compiled from rep3rts for April
from all manufacturing plants except two, for which estimates have been included in lieu of actual returns. They
include the output of another new plant, located in Maine,
which began operating during the month.
Production of Slab Zinc in the United States Lower
-Shipments Also Decrease.
Stocks of slab zinc on Apr. 30 totaled 44,759 short tons
as compared with 41,529 short tons at the beginning of the
month, an increase of 3,230 short tons, according to the
American Zinc Institute,Inc. Production in Aprilamounted
to 53,493 short tons as compared with 55,881 short tons
in the preceding month and 51,626 short tons in April 1927.
Shipments last month totaled 50,263 short tons, of which
46,517 short tons went to domestic markets and 3,746 short
tons were exported. Shipments in the month of March
amounted to 55,642 short tons and in April 1927 totaled
46,697 short tons. Metal sold, not delivered, at the end
of April 1928 amounted to 20,925 short tons; total retort
capacity at Apr. 30 was 122,920 tons; the number of idle
retorts available within 60 days, 45,336; the average number
of retorts operating during Apr, 72,502; the number of retorts operating at the end of the month, 72,522. The
monthly figures are as follows:
PRODUCTION, SHIPMENTS AND STOCKS AND END OF PERIOD
(FIGURES IN SHORT TONS).
Domestic
regal
ProStoats et
Exports. Shipments. End of Mo.
Month ofShipments,
duction.
1928-April
46,517
3,746
50,263
44,759
53,493
March
55,642
3,786
51,856
55,881
41,529
46,754
4,134
February
50,888
50,042
41,290
5,231
January
51.002
45,771
42,163
52,414
1927-December
4,433
00,916
46,483
40,751
52,347
1,746
November
46,120
39,320
44,374
49,217
October
46,602
36,223
1,637
48,239
50,185
4,007
September
48,045
44,038
34,277
47,735
4,803
July
66,162
43,359
39,329
47,627
April
46.697
44,821
1,876
51,626
41,208
January
29,912
2,989
48,873
45,884
56.898
For production, &c., figures for the first half of March,
see "Chronicle" of Mar. 31, page 1908.
Steel Output Reported for April Shows a Decrease.
The output of steel during April was 4,302,573 tons,
by companies which made 94.68% of the output in 1927,
according to the monthly report of the American Iron and
Steel Institute. Of the total, 3,509,637 tons consisted of
open-hearth steel and 564,039 tons of Bessemer. On this
basis, the production of all companies was 4,302,573 tons
for April, 4,507,520 tons for March, 40,045,304 tons for
February and 3,991,332 tons for January. In April last
year the product was 4,127,335 tons. The approximate
daily output of all companies since the first of the year has
been: April, with 25 working days, 172,103 tons; March,
with 27 working days, 166,945 tons; February, with 25
working days, 161,812 tons, and January, with 26 working
days, 153,513 tons. It will be seen that the daily product
in April was the largest of the whole series. In the following
we show the production by months back to January 1927.
MONTHLY PRODUCTION OF STEEL INGOTS, JAN. 1927 TO APRIL 1928
(GROSS TONS).
Reported for 1927 and 1928 by companies which made 94.68% of the open-hearth
and Bessemer steel ingot production In 1927.
Months
1927.
January__
February _
March -__
AprIl
Openhearth.
3,042,133
3,043.492
3,702,660
3,341.750
Monthly
Calculated
diftwOz. Per
output
monthly No.
daily
MS
Bessemer. companies output all wkg. output all overreporting. companies. days,
cos.
allon.:
645,596
565.226
590.709
565.440
3,587,729
3,608.718
4.293.369
3,907,190
3,789.874
3,812,046
4,535.272
4,127.335
26
24
27
26
4 mos. 13,130,035 2,266,971 15,397,006 16,264.527 103
May
June
July
August
Sentember
October - November
December
3,273,593
2,823,107
2.596,349
2,806.347
2,622,977
2,643.562
2,478,627
2,557,955
557,785
486.053
436.883
505,596
471,548
495,845
481,599
448,154
3,831,378
3,309,160
3,033.232
3,311,943
3.094,525
3,139.407
2,960,226
3,006,109
4.047,251
3,495.609
3,204.135
3.498,549
3,268,881
3.316,292
3.127,015
3,175,484
'4004t..W42.001
INNNNNNC4C4
Eastern Pa., N.
J., and hid__
N.Y.& Me.b_
Ohio, western
Pa.& W. Va.
Michigan
Wis., Ill., Ind.
and Ky
Va.,Tenn.,Ala.,
Ga., Fla. &
La
Eastern Mo.,
Ia., Minn. &
S. Dak
Western Mo.,
Neb.. Kan.&
Okla
Texas
Colo., Mont. &
Utah
California
Ore. Sc Wash
1928.
2893
Total _. 34.932,552 6,150,434 41,082,986 43,397,743 311
1928.
January_ _
February.
March ___
Apr.I
3,280,247
3,308,728
3,700,411
3,509,637
498,746
521,366
567.309
564,039
3,778,993 *3,991,332
3,830,094 *4,045,304
4.267.720 4.507,520
4,073,676 4,302.573
26
25
27
25
145,764
158,835
167,973
158.744
79.21
86.31
91.28
86.26
157.908 85.81
155,663
134,446
128,165
129.576
125,726
127.550
120.270
122.134
84.59
73.06
69.65
70.41
68.32
69.31
65.36
66.37
139,543 75.83
•
153.513 *81.43
161,812 *85.84
166,945 88.56
172.103 91.29
163.560 86.76
4 mos.. 13.799.023 2.151.460 15,950,483 16.846,729 103
* Revised. x The figures of "per cent of operation" are based on the annual
capacity as of Dec. 31 1926 of 57,230.350 gross tons, and as of Dec. 31 1927 of
58,627,910 gross tons for Bessemer and open-hearth steel ingots.
Actual Returns Show That April Pig Iron Output
Gained Moderately.
Actual data of the April production of pig iron, reported
by practically all companies, show that the estimates, made
by the companies a week ago and published last week, were
very close to the real output. The April production was
106,183 tons per day, according to the final returns, or only
153 tons more than the estimate of 106,030 tons published
a week ago, says the "Iron Age" in its May 10 issue.
2894
FINANCIAL CHRONICLE
Total April coke pig iron output was 3,185,504 gross tons
or 106,183 tons per day for the 30 days, as compared with
3,199,674 tons, or 103,215 tons per day, for the 31 days in
March. This is a gain for April of 2,968 tons, or 2.88%.
This compares with a gain in March of 3.2% over February.
The April production last year was 3,422,226 tons, or 114,074
tons per day-a gain of about 7.4% over April this year.
Production last month was the smallest for that month since
1922, which was also true of January, February and March.
It was, however, the largest thus far this year.
Production for the first four months of this year has been
12,155,065 tons, as compared with 12,950,087 tons for the
same four months in 1927, reports the "Age" adding:
Net Loss of Two Furnaces.
Eight furnaces were shut down and six were blown in during April-a
net loss of two. Three of the furnaces blown in were Steel Corporation
stacks and two were independent steel company furnaces. One merchant
stack was lighted. Of the furnaces blown out three were merchant, three
were independent steel company stacks, and two belong to the Steel Corporation.
Thus there was no gain or loss in steel making furnaces, the
net loss for the month being merchant stacks.
Possibly Active Furnaces Reduced.
Two of the Lackawanna furnaces of the Bethlehem Steel Corp. at Lackawanna, N. Y., have been abandoned and will soon be dismantled. The
Lebanon furnace of the Lavimo Furnace CO. in the Lebanon Valley has
also been dismantled and the Princess stack of the Princess Iron Corporation at Glen Wilton, Va., which was recently sold at public auction, will not
be operated again. This reduces the number of possibly active furnaces
in the United States from 347 to 343.
Capacity Active on May 1.
The operating rate of the 195 furnaces active on May 1 is estimated at
104,015 tons per day, as compared with an operating rate of 104,650 tons
per day for the 197 furnaces on Apr. 1.
[VOL. 126.
the books of the subsidiary corporations as of April 30 1928
at 3,872,133 tons in comparison with 4,335,206 tons on Mar.
31 1928 and 4,398,189 tons the last day of February. At the
close of April, 1927, the orders amounted to 3,456,132 tons.
A comparison of the amounts back to 1923 is shown below.
Figures for earlier dates may be obtained in our issue of
Apr. 17 1926, page 2126.
UNFILLED ORDERS OF SUBSIDIARIES OF U. S. STEEL CORPORATION.
End of Month 1928.
1927.
January
4,275,947 3.800,177
February
4,368,189 3.597,119
March
4.335.206 3,553,140
April
2,872,133 3,456,132
May
3.050.941
June
3.053,246
July
3,142,014
3,196,037
September_
SAeuguata
pten
3,148,113
October
3,341.040
November _
3.454.444
December____ 3,972,874
1926.
4,882,739
4,616,822
4,379.935
3,867.976
3,649.250
3,478.642
3,602,522
3.542.335
3,583.509
3,683,661
3.807.447
3,960.969
1925.
6.037,323
5,284,771
4,863,564
4,446,568
4.049,800
3,710,458
3,539,467
3,512,803
3,717,297
4,109,183
4,581.780
5.033.364
1924.
4.798,429
4,912,901
4,782.807
4,208.447
3,628,089
3,262,505
3.187.072
3.289,577
3.473,780
3,525.270
4,031,969
4.816.676
1923.
6,910.776
7,283,989
7,403.332
7.288.509
6.981.851
6.388,261
5,910,763
5.414,663
5.035,750
4,672.825
4.368.584
4,445,339
Steel Markets Show Slight Recession with Lower
Price-Pig Iron Price Also Declines.
Steel ingot production in the first third of the year has
established a new four-month record. Output so far in
May has shown surprisingly little recession delares the
May 10 "Iron Age" in its weekly review of the iron and steel
ndustry. Chicago mills remain on a 95% basis, and
average operations in the Greater Pittsburgh district, despite
a decline at Youngstown, are holding at 80%.
Mill bookings, including specifications against contracts,
are not materially smaller than for the first third of April.
In fact, at Cleveland, plates, shapes and bars are moving in
somewhat better volume.
Aside from further weakness in some finishes of sheets
and reductions in basic pig iron in eastern Pennsylvania and
foundryiron at Birmingham, prices have shown little change,
reports the "Age" adding further details as follows:
0.0,14.0
co cu pa co co co
.-.tu to toe .0
Manganese Alloy Output.
Production of ferromanganese in April was 18,405 tons, or the smallest
this year. Two companies made spiegeleisen in April, but the data cannot
be made public.
Furnaces Blown in and Out.
During April the following furnaces were blown in: One Carrie and one
Clairton furnace of the Carnegie Steel Co. in the Pittsburgh district: the
Claire furnace in the Shenango Valley; one Cambria furnace of the Bethlehem Steel Corp. in western Pennsylvania; one Heselton furnace of the
Republic Iron & Steel Co. in the Mahoning Valley, and one Gary furnace
of the Illinois Steel Co. in the Chicago district.
The nearest approach to the ingot output of 16,846,729 tons in the first
Furnaces blown out or banked during April was as follows: The Brooke four months of this year was a production of 16,521.904 tons in February.
furnace in the Schuylkill Valley; one Edgar Thomson furnace of the Car- March, April and May of 1927. The high operations of the industry in the
negie Steel Co. in the Pittsburgh district; the Colonial frunace in western first third of 1928 may owe something to the price advances that bgan
Pennsylvania; one Sparrows Point furnace of the Bethlehem Steel Corpora- late in December, although there is little evidence of accumulated stocks
tion in Maryland; one La Belle furnace of the Wheeling Steel Corporation In buyers' hands save in a few isolated lines like wire nails. On the conin the Wheeling district; one Gary furnace of the Illinois Steel Co., and one trary. Pittsburgh reports instances of pressure by buyers for prompt deIndiana Harbor furnace of the Youngstown Sheet & Tube Co. In the Chi- liveries, indicating an underestimating of requirements.
cago district, and one Woodward furnace of the Woodward Iron Co. in
The large four-month output is testimony to the volume of steel going
Alabama.
into widely ramifying uses and suggests that evidence furnished by the
staple barometers of steel consumption is less conclusive than formerly.
DAILY RATE OF PIG IRON PRODUCTION BY MONTHS-GROSS TONS
Building activity was fully in keeping with steel production, but autoSteel Works.
Merchants.•
Total
1927-April
87,930
26,144
114,074 mobile output, although virtually equal to that of the first third of last
May
84,486
24,899
109,385 year, fell considerably short of the totals for the corresponding periods in
June
24,878
78,110
102,988 1926 and 1924.
July
69,778
25,421
. 95,199
Depression in the oil fields has been reflected in subnormal purchases of
August
71,413
23,660
95,073
September
69,673
92.498 steel, and railroad equipment buying has been in meager volume. Rail
22,825
October
22.819
66.991
89.810 bookings during the entire winter buying movement, which began late last
November
23,679
64,600
88,279 fall, showed a gain of possibly 10% over commitments a year
previous.
December
22,742
64,118
86.960
There was a similar gain in purchases by the farm implement industry.
1928-January
69,520
23,053
92,573
which,
however,
of
the
minor
Is
one
February
consuming
78.444
21,560
lines, taking a relatively
100,004
March
83.489
19.726
103,215 small percentage of the total production of finished steel.
April
85,183
21,000
108,183
Steel ingot output in April exceeded expectations. While mill operations
tapered toward the end of the month, production, at 4,302,573 tons, was
•Includes pig iron made for the market by steel companies.
the fourth highest monthly total, and the daily average, at 172.103 tons,
TOTAL PRODUCTION OF PIG IRON BEGINNING JAN. 1 1926-OR.TONS established a new record.
1927.
1926.
1927.
1926.
1928.
Estimates that ingot production this month will fall 5% from the rate for
1928
Jan-- 3,316.201 3.103,820 2,869.761 July __ 3,223.338 2.951,160
April would still make the output for May with its two extra working days
Feb-. 2,923,415 2.940,679 2,900,126 Aug __ 3,200.479 2,947,276
in
excess of 4,400.000 tons.
Mar __ 3,441.986 3,483.362 3.199.674 Sept__ 3,136,293 2,774,949
The slower pace of steel buying is being met with the contention among
3,334.132 2.784.112
Oct_
Apr___ 3,450,122 3.422.226
3,236,707 2,648,376
Nov
May.... 3,481.428 3,390.940
makers that price reductions will not develop business and that stabilizaDec _ 3,091.060 2.695,755
June... 3,235,309 3,089,651
tion of both volume and price will be the record of the next few weeks.
Further weakness, however, has occurred in certain products. Black
Year•_39,070,470 36,232,306
34 yr_19,848,461 19,430,678
sheets are more generally available at 2.70c., Pittsburgh, a decline of $1 a
*These totals do not Include charcoal pig iron. The 1926 production of this iron ton. On galvanized sheets, prices as low as 3.55c. and 3.50c. Pittsburgh.
was 163,880 tons.
have appeared,compared with a recent minimum of 3.60c. Invasion of the
PRODUCTION OF STEEL COMPANIES FOR OWN USE-GROSS TONS. Chicago district by more easterly mills has adversely affected Western
sheet production and has resulted in concessions from the Chicago price of
2c. on plates, shapes and bars, particularly in outlying territories.
Sptegeletsen and Ferromanganese.'
Prices on cotton ties announced for 1928 take a different form in that
Total Iron
1927.
1928.
Spiegel and Ferro.
they are on a quantity basis. On mill shipments in carloads the price is
6
$1.27 per 45-1b. bundle. f. o. b. Atlantic or Gulf ports; in lots of 2.000
Fe-Man, Spiegel. Fe-Man. Sptegel.
1928.
1927.
hundles. $1.25, and in larger lots, $1.23. Last year's prices were $1.20 at
x
31,844
22,298
Atlantic ports and $1.21 at Gulf ports.
2,343.881 2,155,133
7,486
January
a
19,320
7,045
24,560
2,274,880
2.256.651
February
While rail mill operations continue at a high rate, one large road has can27.912
7,650
x
27,834
2,675,417 2.588.158
March
celed its May quota of rails and another has failed to exercise an option
12,907
24.735
18,405
x
2,637.919 2,555,500
April
for
100,000 tons in addition to its winter purchase of 200,000 tons.
28,734
9,788
2,619,078
May
10,535
29,232
2,343.409
Structural steel awards, at about 25.000 tons, were below the average of
June
recent weeks, but considerable business is pending. At Chicago about
55,411
166,939
14,876,355
Half year
100,000 tons, including 50,000 tons for the Mercantile Mart, is in prospect
for early action.
26.394
2,183.101
July
21,279
2.213,815
A reduction of 50c. a ton on Southern foundry iron and a like decline on
August
20,675
2,090,200
September
basic pig iron in eastern Pennsylvania, where two steel companies have
17,710
2,076.722
October
purchased a total of about 30,000 tons, reflect the growing competition
17,851
1,938,043
November
for business. Cleveland iron, moved by boat to Chicago, is being offered
20,992
1,987.652
December
for prompt shipment at $18 dock, or 500. a ton below the quotations of
99,368
291,840
Year
27,345,888
Chicago merchant furnaces. An effect of the compeittion of English low
phosphorus iron at Great Lakes ports, where it is being offered at $26, duty
• Includes output of merchant furnaces. a Data not available for publication.
paid, is a reduction of 50c. a ton on this grade of iron at Valley furnace.
Both of the "Iron Age" composite prices have dropped this week, that
Orders of United States Steel Corporation Decline. for pig iron reaching a new low point for the year at $17.50 a ton,compared
with a previous low of 817.54 early in January. The finished steel comIn its usual monthly statement issued on Friday, May 11, posite has declined to 2.348c. a lb., but is still 134% above the year's low
the United States Steel Corp. reported unfilled tonnage on In January of 2.314c. The usual composite price tables stand as follows:
MAY 12 1928.]
Finished Steel.
May 1 1928, 2.3550. a Lb.
2.355e.
One week ago
2.362o.
One month ago
2.352o.
One year ago.
10-year pre-war average
I.6890.
Based on steel bars. beams, tank plates,
wire, rails, black pipe and black sheets,
these products constitut.ng 87% of the
United States output.
High
Low.
1928__2.364c. Feb. 14 2.314c, Jan. 3
1927_2.453e. Jan. 4 2.293c. Oct. 25
1926_ .2.453c. Jan. 5 2.4030. May 18
1925_..2.560e. Jan. 6 2.396c. Aug. 18
1924_2.789e. Jan. 15 2.460c. Oct. 14
1923_2.824a. Apr. 24 2.446e. Jan. 2
FINANCIAL CHRONICLE
Pig Iron.
May 1 1928, 517.59 a Gross Ton.
one week ago
$17.67
One montb ago
17.67
One year ago
19.13
10-year pre-war average
15.72
Based on average of basic Iron at Valley
furnace and foundry irons at Chicago.
Philadelphia, Buffalo. Valley and Birmingham.
High
Low.
1928__ 17.75 Feb. 14 17.54 May 8
1927- 19.71 Jan. 4 17.64 Nov 1
1926_ 21.54 Jan. 5 19.46 July 13
1925__ 22.50 Jan. 18 18.96 July 7
1924_ 22.88 Feb. 26 19.21 Nov
1923- 30.86 Mar.20 20.77 Nov.26
April's steel ingot production record is water over the dam
and no deterrent to the present mild downtrend in both
demand and production, but it directs attention anew to the
extraordinary vitality of steel consumption, says the "Iron
Trade Review" of May 10. It emphasizes the high plane
from which the seasonal second quarter letdown starts. The
April steel record is attributed largely to the carryover of
specifications received late in March against expiring first
quarter contracts, the steadfastness of automotive requirements and capacity operations at rail mills. Through May,
and probably into June, the finished products into which
April ingots are being converted will be in the various
processes of consumption. Hence a first half year of record
proportions, if spotty in some directions, is assured observes
the "Review" in summarizing the trend of the iron and steel
markets. It adds:
Bookings in many finished steel lines have improved slightly in the past
week, and May to date has developed more business than the comparable
period of April, but the showing is not particularly encouraging because the
first half of April was blighted by the start of a new quarter.
In general, demand is relaxing moderately-a condition not yet reflected
fully in consumption-and operating schedules of most steelmakers, while
still approximating 80%, are a shade closer to incoming orders. In the
automotive industry, which continues the mainstay of the market,increased
Ford operations and parts orders maintain the balance. Steel prices are
largely unchanged.
Between-quarters inertia is proving a heavy load for pig iron. Some
third quarter iron has been sold, especially at Chicago, but in other districts
melters are content to order out their second quarter contracts. Between
5,000 and 10,000 tons of pipe iron has been placed in eastern Pennsylvania.
The Mahoning valley basic market, in a state of flux for several weeks, has
come to rest for the time being at $16.25 to $16.50. At Chicago the $RL
Birmingham, price on southern iron is reported shaded 50 cents. Consumption in all districts is well sustained.
Specifications against second quarter steel bar contracts and spot sales at
Chicago still keep pace with shipments. Miscellaneous orders for plates at
Chicago defer deliveries, as in bars, four to six weeks. If prospective barge
and tank work develops at Pittsburgh. May plate business there will top
April.
Prospective structural shape projects are headed by 50,000 to 60.000 tons
for the Merchandise Mart at Chicago. which may be several months in
reaching mill books. Bridge work continues to feature eastern shape
demand. The 1.85c, Pittsburgh, price on heavy steel militates against the
2-cent price at Chicago, especially on shapes.
Competition for sheet business is sharper, though prices have given no
more ground. As in heavy steel, the lower-priced markets to the east of
Chicago are impairing the sheet price structure in that district. Pressure for
delivery of autobody sheets has eased off in the Mahoning valley. Tin
plate mills continue to operate 90 to 95%.
Considering all makers, hot and cold rolled strip business this month is
ahead of April. On the wider sizes of hot rolled the tendency is toward
the 1.75c, Pittsburgh, price which governed most of the first quarter. Cold
finished bar interests are turning to other outlets to neutralize moderate
contraction from automotive users.
With navigation on the Great Lakes under way, prospects are for a
55,000,000-ton iron ore season, compared with 52,300,000 tons in 1927 and
60,000,000 tons in 1926.
Cross-currents in the iron and steel trade promise to make 1928 a unique
year. Already pig iron, scrap and finished steel are moving by water
between Great Lakes ports. A Buffalo pig iron producer contemplates
storing pig iron at Beacon, N.Y.,and Jersey City, N.J.,to supply foundries
when the New York barge canal is frozen. By utilizing fabrication-intransit privileges Buffalo structural steelmakers are crowding Pittsburgh
and Cleveland fabricators in the Detroit market. Buffalo reinforcing bar
interests can ship by barge to New York and beat the all-rail rate from
Pittsburgh $4.80 per ton. An eastern independent plans warehouses on the
Pacific coast to store water shipments.
April's ingot record is the more noteworthy because made following a
March that just foil short of a new mark. Only four times since 1917, when
monthly ingot figures were first compiled, has April's daily rate exceeded
March. Last month a daily rate of 172.103 tons was attained, against
166.945 tons in March and the previous record of 167,973 tons of March,
1927. The short month held down the April total to 4.302.573 tons,
against 4,507,520 tons in March. Ingot output for the first four months
of 1928 stands at 16.846,729 tons; a year ago it was 16,264.527 tons. Last
year the daily ingot rate declined from 167,973 tons in March to 158,744
tons in April: this year it has increased 3%.
The "Iron Trade Review" composite of 14 leading iron and steel products
advanced 1 cent this week as a result of minor adjustments, now being
$35.57.
Steel mills are reported operating at higher rates this week
by the "Wall Street Journal" which notes on May 9 that
the industry is running at 853,4% of capacity, a gain of 5,
6%
owing to an increase in the average operating time of the
independent companies. The statement says:
Ingot production of steel is placed this week at about 8534%, an increase
of 4% over the preceding week, when the rate was 85%. Two weeks ago
the industry was running at a shade above 85%.
The increase in the average is due entirely to a gain of 1% among independent companies, which are at approximately 81%. contrasted with a
shade under 80% the previous week and a fraction above 80% two weeks
ago.
2895
For U. S. Steel Corp. there has been no practical change during the week,
the rate being around 90%. Two weeks ago the corporation was at 903i%•
Compared with a year ago operations are higher all around. In the
corresponding period last year U. S. Steel Corp. was running between 89%
and 90%, with independents at 74%, and the average around 823.
While leading authorities anticipate curtailment is activities the coming
week, they do not look for such drastic reduction as occurred last year.
Operations at that time were coining down sharply each week, whereas
this year it is considered likely curtailment will be more gradual.
Production of Bituminous Coal and Anthracite Again
Increases-Coke Also Gains.
Further increases occurred in the production of coal during
the week of April 28, the output of bituminous coal rising
from 7,917,000 tons in the week of April 21 to 8,187,000 tons
a week later. Compared with the corresponding week of
1927 the current output is 237,000 less. Anthracite production in the week of April 28 rose to 1,891,000 tons, a gain
of 286,0000 tons over the output in the preceding week. The
current figure, however, is 30,000 net tons less than the output in the corresponding week one year ago, according to
statistics compiled by the United States Bureau of Mines,
from which the following is quoted:
BITUMINOUS COAL.
The total production ofsoft coal during the week ended April 28,including
lignite and coal coked at the mines, is estimated at 8,187.000 net tons.
Compared with the output in the preceding week, this is an increase of
270,000 tons, or 3.4%. Production during the week in 1927 corresponding
with that of April 28 amounted to 8.424,000 tons.
Estimated United Slates Production of Bituminous Coal (Net Tons) Incl. Coal Coked.
1928
1927
Cal. Year
Cal. Year
Week.
to Date.
to Date.e
Week.
April 14
7 415,000
144,087,000
8,001,000
186.066,000
Daily average
1,236,000
1,621,000
1,334,000
2.093,000
April 21_b
7 917,000
152,004,000
7,937.000
194.003,000
Daily average
1 319,000
1.602,0001.323,000. .
April 28_c
8,187,000
160,191,000
8,424,000
202,427,000
Daily average
1,364,000
1,588,000
1.404,000
2.006,000
a Minus one days' production first week in January to equalize number of days
in the two years. b Revised since last report. c Subject to revision.
The total production of bituminous coal during the present calendar
year to April 28 (approximately 101 working days) amounts to 160,191.000
net tons. Figures for corresponding periods in other recent years are given
below:
1927
202,427,000 net tons 1924
169,378,000 net ton
1926
181,759,000 net tons 1923
185,804,000 net ton
1925
157.370,000 net tons 1922
149,617,000 net ton
As already indicated by the revised figures above the total production
of soft coal for the country as a whole during the week ended April 21 is
estimated at 7.917,000 net tons.
Compared with the output in the preceding week, this is an increase of 502,000 tons, or 6.8%.
The following table apportions the tonnage by States and7gives comparable figures for other recent years.
Estimated Weekly Production of Coal by States (Net Tons).
Week Ended
April 21
April 14 April 23 April 24
State1928.
1928.
1927.
1926.
Alabama
333.000
329,000
316,000
361,000
Arkansas
25,000
23,000
14,00021,000
Colorado
143,000
162,000
166,000
178,000
Illinois
318.000
223,000
91,000 1,02.5.000
Indiana
192,000
191,000
36,000
386.000
Iowa
40,000
32,000
74.000
11,000
Kansas
34,000
37,000
9,000
68,000
Kentucky-Eastern
844,000
765,000
814,000
991,000
Western
313,000
337,000
219.000
450.000
Maryland
52,000
49,000
49,000
52,000
Michigan
11,000
13,000
11,000
13,000
Missouri
52.000
40,000
12,000
47,000
Montana
55,000
54,000
27,000
60.000
New Mexico
61,000
57,000
49,000
49,000
North Dakota
25,000
23,000
13,000
17.000
Ohio
463,000
114,000
172,000
177,000
Oklahoma
47,000
34,000
38,000
32,000
Pennsylvania (B10
2,228,000 2,140,000 2,090,000 2,519,000
Tennessee
98,000
92.000
109,000
108,000
Texas
14,000
20,000
14,000
12,000
Utah
62,000
75,000
77.000
71.000
Virginia
243,000
257,000
213,000
214,000
33.000
Washington
40.000
37.000
37.000
West Virginia-Southern 111,740,000 1,503,000 2.061,000 1,702,000
566,000
775,000
Northern c
670,000
691,000
93.000
90.000
Wyoming
110,000
107,000
5.000
3.000
Other States
1,000
2,000
Total bituminous
Pennsylvania anthracite
Total all coal
April
Averalte
1923.a
412,000
21.000
184,000
1,471.000
514,000
100,000
79.000
620,000
188,000
52,000
22.200
59,000
42,000
59,000
16,000
766,000
49,000
3,531,000
121,000
20,000
70.000
249.000
35.000
1,293.000
741,000
116,000
6,000
7,917.000 7,415,000 7.937.000 9.192,000 10,836,000
1,605,000 1,596,000 1.662,000 2.073,000 1,974,000
9,522.000 9,011,000 9,599,000 11,265,000 12,810,000
a Average rate maintained during the entire month. b Includes operations
on the N.& W.; C.& 0.; Virginian; K.& M., and Charleston division of the B. &
0. c Rest of State, including Panhandle.
ANTHRACITE.
The total production of anthracite during the week ended Apr. 28 is
estimated at 1,891,000 net tons. This is an increase of 286,000 tons, or
17.8% over that output in the preceding week. Production in the week of
1927 corresponding with that of Apr. 28 amounted to 1,921.000 tons.
Estimated United States Production of Anthracite (Net Tons).
1927
1928
Cal. Year
Cal. Year
to
Date.*
Week.
Week.
ITeek Endedto Date.
21.821,000
1.762,000
1 596,000
Apr1114
19,868,000
23,483,000
1,662,000
1605,000
April 21.1,
21,473,000
25,404,000
1.921,000
1,891.000
April 28..c
23,364,000
a Minus one days' production first week in January to equalize number of days
in the two years. b Revised since last report. c Subject to revision.
BEEHIVE COKE.
The total production of beehive coke for the country as a whole during
the week ended Apr. 28 is estimated at 92.000 net tons. This is in comparison with an output of 87,000 tons in the preceding week and 176,000
tons in the corresponding week of 1927.
[vol.. 126.
FINANCIAL CHRONICLE
2896
of production made at the end of the calendar year. The
figures as now reported show that the production of 32,200,000 net tons of bituminous coal during April 1928 fell
11,755,000 tons below the output in the preceding month of
March and 2,474,000 tons below the output in April 1927.
Anthracite production during April 1928 reached 6,940,000
net tons, a gain over the preceding month of 1,443,000 tons.
United States total
92,000 87,000 176,000 1,577,000 3,182.000
31,200 A loss of 187,000 net tons, however, is shown in comparing
15,500
15,300 14,500 29,300
Daily average
a Minus one day's production first week in January to equalize number of days the current figure with that of the corresponding month
n the two years. b Subject to revision. c Revised since last report.
one year ago. The statistical tables, as given out by the
IThe production of bituminous coal in. the United States Bureau of Mines, are appended:
during the week ended May 5, as estimated by the National
Average per
Ilumber of
Total for
Working Day
Workiny
Month
Coal Association from preliminary car loading reports, was
Days
(Net Tons)
(Net Tons)
about 8,100,000 net tons.
April 1928 (Preliminary)*
Estimated Production of Beehive Coke (Net Tons)
1927
1928
Week Ended
(o
to
Apr. 28 Apr. 21 Apr. 30
Date.a
Date.
1928.b 1928.c 1927.
70,000 65,000 140.000 1,127,000 2,545,000
Pennsylvaniaa nd Ohio
10,000 9,000 16,000 215,000 283,000
West Virginia
94,000
78,000
5,000
4,000
4,000
Alabama, Kentucky, Tenn. & Ga
80,000 123,000
4,000 4,000 7,000
Virginia
68,000
42,000
4,000
3,000
2.000
Colorado and New Mexico
69,000
35,000
4,000
2,000
2,000
Washington and Utah
Preliminary Estimates of Production of Coal and
Beehive Coke for the Month of April 1928.
The preliminary estimates for the month of April, as given
In the United States Bureau of Mines report, are subject to
slight revisions, which will be issued in the weekly coal
report about the 15th inst. All current estimates will later
be adjusted to agree with the results of the complete canvass
Bituminous coal
Anthracite
Beehive coke
March 1928 (revised)
Bituminous coal
Anthracite
Beehive coke
April 1927 (final)
Bituminous coal
Anthracite
Beehive coke
32,200,000
6,940,000
337,000
24.7
24
25
1,304,000
289,000
13,480
43.955,000
5,497,000
449,000
27
27
27
1,828,000
204,000
16,830
34,674,000
7,127,000
779.000
25.7
25
26
1,349,000
285,000
29,982
*Slight revisions of these estimates will be issued in the weekly coal report abou
the middle of the month.
Current Events and Discussions
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on May 9, made public by the Federal Reserve
Board, and which deals with the results for the twelve
Reserve banks combined, shows increases for the week of
$20,100,000 in holdings of dis ounted bills, of $2,000,000 in
bills bought in open market, and of $600,000 in Federal
Reserve note circulation, and decreases of $15,700,000 in
member bank reserve deposits, of $14,900,000 in holdings of
Government securities and of $20,600,000 in cash reserves.
Total bills and securities were $7,200,000 above the amount
reported for May 2. After noting these facts, the Federal
Reserve Board proceeds as follows:
The principal changes in holdings of discounted bills during the week
were increases of 840,900,000 at the Federal Reserve Bank of New York,
$13,700,000 at Boston and $8,500,000 at Chicago, and decreases of $15800,000 at San Francisco. $7,800,000 at Philadelphia, $7,100,000 at
St. Louis and $6,100,000 at Kansas City. The System's holdings of bills
bought in open market increased $2,000,000 and of United States bonds
and Treasury notes $1,100,000 each, while holdings of certificates of indebtedness declined $17.100,000.
Federal Reserve note circulation increased $600,000 during the week, the
principal changes being a decline of $5,900,000 at the Federal Reserve
Bank of New York and increases of $3,800,000 at Cleveland and $2,400,000
at San Francisco.
The statement in full, in comparison with the preceding
week and with the corresponding date last year, will be
found on subsequent pages-namely, pages 2928 to 2929. A
summary of changes in the principal assets and liabilities
of the Reserve banks during the week and the year ending
May 9 1928 is as follows:
Total reserves
Gold reserves
Total bills and securities
Bills discounted, total
Secured by U. B. Gov't obligations
Other bills discounted
Bills bought in open market
United States Govt. securities, total
Bonds
Treasury notes
Certificates of indebtedness
Federal Reserve notes in circulation
Total deposits
Members' reserve deposits
Government dePoslts
Increase (+) or Decrease (-)
During
Week.
Year.
-$20,600.000 -$386,500,000
-19,400.600
-380,100,000
+7,200,000
+20.100.000
-2,700,000
+22,800,000
+489,900,000
+335,200,000
+250.400,000
+84,700,000
+2,000,000
+132,100,000
-14,900,000
+1,100.000
+1,100,000
-17,100,000
+23,500,000
-15,200,000
+11,600,000
+27,100,000
+600,000
-127,100,000
-19,400.000
-15,700,000
+1.100,000
+148,400,000
+154,700,000
+3,700,000
latter will not be available until the com-ng Monday. The
New York statement, of course, also includes the brokers'
loans of the reporting member banks, which this week again
rose to a new record, the grand aggregate of these loans on
May 9, being $4,361,108,000, an increase of $79,451,000
over last week's figure ($4,281,657,000). The present total
is $1,446,163,000 above the total for the corresponding week
last year.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York-46 Banks.
May 9 1928.
May 2 1928. May 111927.
$
7,509.436.000 7,551.132,000 6,517,148,000
Loans and investments-total
Loans and discounts-total
6,534,194,000
Secured by U. S. Govt. obligations.
59,506,000
Securedby stocks and bonds
2,700,878,000
All other loans and discounts
2,773,810,000
Investments-total
1,975.242,000
5,602,257,000 4,616,151.000
82.480,000
56,378,000
2.746,116.000 2,120,027,000
2,773,661,000 2,439,746,000
1.948,875,000 1.900,997.000
U.S. Government securities
1,081,992,000 1,063,984,000
884,891,000
Other bonds, stocks and securities_ 893,250,000
979,098,000
921,899,000
797,279,000
49,227,000
708,197,000
58,993.000
Reserve with F. R. Bank
Cash in vault
778,856,000
51,872.000
Net demand deposits
Time deposits
Government deposits
5,574,967,000 5,694,651,000 5,154,341,000
1185.238.000 1.164,585,000
949,614,000
21,187,000
32,325,000
37.427,000
Due from banks
Due to banks
114,372,000
123,639,000
101,691,000
1,239,899,000 1,333,695,000 1,103,584,000
Borrowings from F. R. Bank-total
Secured by U. S. Govt. obligations_
All other
229,292,000
179,806.000
103.724,000
170.550,000
58,742,000
148,680,000
31,126,000
77,350,000
26,374.000
Loans to brokers and dealers (secured
by stocks and bonds):
For own account
1,252,127.000 1,329,247,000
909,632,000
For account of out-of-town banks.1,684,225,000 1,586,152,000 1,218,510,000
For account of others
1,424,756,000 1,366.258,000
788,803,000
Total
On demand
On time
Loans and investments-total
Loans and discounts-total
4 361,108,000 4,281,657,000 2,914,945.000
3,324,777,000 3.270.695,000 2,195,283,000
1 036,331,000 1,010.962,000
719,662,000
ChIcago-43 Banks.
2,081,486,000 2,058,135,000 1,878,483,000
1,561.488,000 1,526,742,000 1,434,364,000
Secured by U. S. Govt. obligations_
15,365,000
Secured by stocks and bonds
795.892,000
AU other loans and discounts
750,231,000
14.389,000
785,151,000
747,202.000
14,853,000
703,639,000
715,872,000
519,998,000
531,393,000
444.119,000
U. S. Government securities
233,617.000
Other bonds, stocks and securities_ 286,381.000
236,725,000
294,668,000
194,311,000
249,808,000
Investments-total
Reserve with F. R. Bank
194,421,000
187,263,000
Returns of Member Banks for New York and Chicago Cash
172,841,000
in vault
16,844,000
17,843,000
19,986,000
Federal Reserve Districts-Brokers' Loans.
Net demand deposit&
1,283,872,000 1.280.376.000 1,236,211,000
Beginning with the returns for June 29 last, the Federal Time deposits_ _ s__
714,372,000
700,623,000
582,253.000
Government deposits
5,483,000
8.344,000
8,020,000
Reserve Board also began to give out the figures of the
from
banks
Due
160,014,000
185,674,000
173,621,000
member banks in the New York Federal Reserve District, Due
to banks
359,041,000
379,856,000
378,099.000
as well as those in the Chicago Reserve District, on Thurs- Borrowings from F. R. Bank-total
80,412,000
33.901,000
12,297,000
days, simultaneously with the figures for the Reserve banks
Secured by U. S. Govt. obligations_ 53,483,000
28,918,000
9.895,000
themselves, and for the same week, instead of waiting until
All other
6,929,000
4,983,000
2.402,000
the following Monday, before which time the statistics covering the entire body of reporting member banks-now 643
Complete Returns of the Member Banks of the Federal
cannot be got ready.
Reserve System for the Preceding Week.
The following is the statement for the New York member
As explained above, the statements for the New York and
banks and that for the Chicago member banks thus issued
In advance of the full statement of the member banks, which Chicago member banks are now given out on Thursdays
MAY 12 1928.]
FINANCIAL CHRONICLE
simultaneously with the figures for the Reserve banks themis-elves, and covering-the-same wee
-k—
, ites21 of being-h7rd
until the following Monday, before which time the statistics
covering the entire body of reporting member banks, now
643, cannot be got ready.1
In the following will be found the comments of the rede7
rai
Reserve Board respecting the returns of the entire body of
reporting member banks of the Federal Reserve System for
the week ending with the close of business May 2:
Condition of Member Banks in Leading Cities.
The Federal Reserve Board's condition statement of 643 reporting member banks in leading cities as of May 2 shows increases for the week of
$229,000,000 in loans and discounts, of $20,000.000 in investments, of
$204.000,000 in net demand deposits,of $33,000,000 in time deposits,and of
$41,000,000 in borrowings from Federal Reserve banks.
Loans on stocks and bonds, including U. S. Government obligations,
were $142,000,000 above the Apr. 25 total at all reporting banks, increases
of $135.000,000 being shown for the New York district and of $8.000.000
for the Boston district, and decreases of $6,000,000 and $5,000,000 respectively, for the Cleveland and Philadelphia districts. "All other"
loans and discounts were $86,000,000 above the amount reported a week
ago, member banks in the New York district reporting an increase of $36,000.000. those in the Chicago district $33,000,000, in the Philadelphia
district $17,000,000, and in the Cleveland district $11,000.000. while member banks in the San Francisco district showed a decline of $6,000,000.
Holdings of U. S. Government securities increased $22,000,000 at all
reporting banks and $15,000,000 and $8,000,000, respectively, in the New
York and Chicago districts, while holdings of other bonds, stocks and
securities declined $2,000,000 at all reporting banks and $11,000,000
in the
New York district.
Net demand deposits were $149,000,000 above the Apr. 25 total in the
New York district. $28,000,000 in the Chicago district, $10,000,000 each
In the Boston and Atlanta districts. $8,000,000 in the Philadelphia district, and $204,000,000 at all reporting banks. Time deposits increased
$33.000,000, principally in the New York and Chicago districts.
The principal changes in borrowings from the Federal Reserve banks
comprise increases of$10,000,000 in the Philadelphia district and $6.000,000
each In the Cleveland. Kansas City and San Francisco districts.
A summary of the principal assets and liabilities of 613 reporting member
banks, together with changes during the week and the year ending May
2
1928, follows:
May 2
—Increase or Decrease During1928.
Week.
Year.
$
Loans and investments—total
22.587,522,000 +249.126.000 +2.075.235.000
Loans and discounts—total
15,950,749,000 +228,738,000 +1.419.627.000
Secured by U.S. Govt. obligations 159,100,000
Secured by stocks and bonds
6,849,807.000
All other loans and discounts
8,941,842,000
Investments—total
6,636.773.000
+20,437.000
+4.404.000
+122,081.000 +1,036,658,000
+86,218,000 +378.565.000
+20,390,000
+655,608.000
U. S. Govt. securities
3,023,833,000 +21.992.000
Other bonds,stocks and securities. 3,612,940,000 —1.602.000
Reserve with Fed. Res. banks
1,816,018,000 +12.339,000
Cash In vault
241,209,000 —2,180,000
Net demand deposits
13,945,860,000 +203.551.000
Time deposits
6,911,366,000 +33,419,000
Government deposits
108,692,000 —3,408,000
Due from banks
1,235,963,000 +104,017.000
Due to banks
3,515.720.000 +211.645,000
Borrowings from F. R.Ranks—total 586,248,000 +41,241,000
+411.026,000
+244.582.000
Secured by U.S. Govt. obligatlis.
All other
424.227,000 +38.088.000
162.021,000 +3,153.000
+92,720,000
—20,526.000
+763,480,000
+754.811,000
—47,394,000
+25,836.000
+168,952.000
+230,735.000
+181,968,000
+48.787.000
Summary of Conditions in World's Market According
to Cablegrams and Other Reports to the Department of Commerce.
The Department of Commerce at Washington releases
for publication to-day (May 12) the following summary of
conditions abroad, based on advices by cable and
other
means of communication:
ARGENTINA.
Exports and imports throughout the week continued
on a high level.
The retail trade, and especially the demand for textiles, owing
to the advent
a cooler weather, was good. As
compared with the corresponding quarter
of the previous year. imports of the following commodities during
the first
quarter of this year have shown the following increases:
Textiles, 31%;
fuel and lubricants, 29%; iron and manufactures, 28%;
tobacco, 28%;
machinery and vehicles, 26%; chemical products, oil and
rubber and manufactures, 15%. Apr. liabilities in failures paints, 15%;
amounted to
17,000,000 paper pesos.
AUSTRALIA.
Australian trade and industry continues dull. Wool
sales at Sydney
have enjoyed a firm market. The basis wage scale has been
reduced one
shilling in industriescovered by Federal awards. Sale of the
Shipping Line has been confirmed, and the threatened Commonwealth
strike protesting
the same has failed to materialize. Australian sugar
producers are encouraged by a recent British tariff decision which operates
to their advantage. Rubber growers in Papaua are asking for a bounty.
2897'
Alberta coal Is being offered in Ottawa at $13.50 a ton.
Wheat sowing is
proceeding actively in the Prairie Provinces and an increased acreage
is anticipated over 1927. Indications point to a 10% reduction in
the acreage
planted to onions in Ontario and British Columbia.
Announcement has
been made of the acquirement by T. Easton Co. of the 21
stores formerly
operated by Canadian Department Stores, principally in
Ontario:.and
Quebec. Bank clearings and check debits continue to reflect the
increased
financial turnover due to the expansion of speculative activity on
Canadian
and United States exchanges.
CUBA.
The 1928 sugar campaign in Cuba is practically completed and
on May'
3, 150 mills had finished grinding, leaving but 22 still operating.
Produc-tion to Apr. 30 amounted to 3,927,000 tons, according to figures
of the
Cuba Sugar Club, and only a very small amount remains to be
produced
to reach the allotted output of 4.000,000 tons. The sucrose content of the
cane has averaged about one-half of 1% higher than in 1927. With
the
early termination of the grinding, the unemployment situation
has been
aggravated and the normal between crop dull season for business will
be
extended this year. There is some prospect of an acceleration of the
government's program of public works construction and, if this materializes,
It will have a favorable effect on business through increased employment
and the distribution of governmental funds. The trend of United States
trade with Cuba during the present year has been steadily downward.
CZECHOSLOVAKIA.
Czechoslavak industry continues to maintain a satisfactory degree of
activity except for a slight slackening in cotton spinning and 'weaving.
Capacity production IS reported in the steel, machinery, wool, and automobile industries while favorable conditions prevail in the leather, glass
and lumber lines. Crops are generally good and the winter wheat which was
damaged by unseasonal cold is expected to recover. It is expected
that
the legislation providing for duty rebates on machinery not manufactured
domestically will be extended to the end of next year. There has been no
change in the unemployment situation and the labor situation is quiet
apart from two minor strikes in a small arms factory and a textile mill in
Brunn. The volume of Czechoslovak foreign trade for March shows a
considerable increase over the previous month and continues the trend of
the quarter, as a whole, wherein both exports of finished goods and foodstuffs (sugar), and imports of raw materials and foodstuffs increased.
EGYPT.
Preliminary returns on foreign trade for March show exports of £E4.367,720 and imports of £E3,884,990. as compared with £E4,898,170 and D33.702.770, respectively. in March 1927. Cotton exports declined approximately £E416,000 from the corresponding month of 1927. Total exports
for the first three months of 1928 were valued at £E13.266.900 and imports
at £E11,943.980, as against £E12,041,890 and £E10.669.630 for the same
period of 1927. Cotton exports during this period were valued at LE10,737,700 as gainst £E10,670.000 in the first three months of 1927. The
decline in cotton exports during March was offset by larger shipments
In the preceding two months. (LEequala approx. $5.)
FINLAND.
Conditions in Finland during April were generally unchanged with the
exception of an increased stringency in the money market. Active imports and marked forest activity occasioned large demands for credit
during the early months and at the beginning of April credit requirements to
finance exports were heavy. These demands have been met without
great difficulty. Foreign exchange holdings have been on a decline while
the note circulation and State bank loans have steadily increased. Operations at the commercial banks were generally active during the first quarter. Loans and discounts advanced by nearly 700,000,000 marks and
deposits have also increased by over 500.000.000 marks. With the
approach
of Spring a slight revival in industrial activity is gradually becoming
noticeable. Forest operations have been practically completed and the
floating
of timber to the mills is commencing. The timber market has assumed
a more normal tone as continental buying has improved. Approximatel
y
one half of the output for 1928 was placed at the middle of April.
The labor
market is very satisfactory, no disputes exist or are impending
and unemployment is on the decline. Shipping conditions are in general
somewhat
easier as a result of the Spring thaws. The cost of living advanced
slightly
during March following several marked declines since Jan. 1. Finland's
foreign trade was fairly active during the first quarter although imports
have
been unusually large, stimulated largely by certain tariff reductions.
The
Import surplus for the first quarter totaled nearly 950.000,000 marks which
was nearly double the similar balance for the same period of last year.
FRANCE.
Much interest attended the opening on May 7 of subscriptions to the new
loan for the partial conversion of the floating and short term debt into
5%
bonds amortizable in 75 years. No limit has been placed on the amount of
the loans which competent authorities believe may reach 15.000.000.000
francs. The fixing ofthe issue price to yield 5.48% indicates a strengthening
of Government credit, since the last loan was placed. Payment will be
accepted in cash or in National Defense bonds issued before Apr. 21 1928
and in certain other outstanding securities of early maturity. After providing for such redemption, the balance of the cash subscriptions will be
applied to reimbursement of advances by the Bank of France to the State.
In addition, the Autonomous Office for debt amortization will discount
for the Treasury National Defense bonds received up to an amount to be
determined at the close of subscriptions and the Treasury will use the proceeds for further reimbursement to the Bank of France. The Bank of
France statement of May 3 showed an increase of 859.000.000 francs in
advances to the State,of 813.000.000 francs in the portfolio, and of923.000.000 francs in note circulation. The increase was due primarily to the end of
the month requirements. Purchases of foreign exchange continue heavy.
GERMANY.
According to official figures which have recently been made public, the
German Government receipts from taxes, customs, and other sources or the
fiscal year which terminated on Mar. 31 1928, amounted to 8,490,394,000
marks, as compared with an estimate of 8.460.500,000 marks. The income tax brought in 2,784,300,000 marks, as against an estimate of 2,775.000,000, while the turnover tax amounting to 877,600,000 marks was slightly
BRITISH MALAYA.
below the estimated figure of 890.000,000. Similarly, customs returns
With the passing of time, trade circles of British Malaya
are becoming were slightly below the estimates, aggregating 1,250.900.000 marks as
adjusted to prevailing conditions in the country's most Important
market against 1,255.000,000 marks.
and a generally stabilizing attitude is developing. Business
conditions,
JAPAN.
otherwise, are unchanged.
Improved trade in Japan is resulting in some agitation for lifting proCANADA.
duction restriction adopted by the larger producers on flour and cement.
Wholesalers throughout Canada report sales in the week ended
May 5 as The Fifteenth (Peers') Bank was reopened on Apr. 28. Withdrawals of
fairly satisfactory and ahead of last week, although not up to
because of the inclement weather. Collections are fair except inexpectations deposits were much smaller than was anticipated. The electric light and
Quebec and power companies, Toho Denryoiru K. K. Daido Denryoku
K. K., an
Saskatchewan where they are slow. Few price changes have been
noted. Ujigawa Denki Kaisha are declaring dividends of 10%. First forecas
BRAZIL.
General business continues only fair, but the demand
for imported
textiles is good. The financial condition of the Federal
is
excellent according to the presidential message to Congress Government
of May 3.
2898
FINANCIAL CHRONICLE
of the 1928 silkworm egg cards indicate it is7said, an increase of 735%
over 1927 cards.
NETHERLAND EAST INDIES.
Java importers anticipate active native buying of textiles, foodstuffs
and bazaar specialties, following the present bumper rice crop. Figures for
March rubber exports from the Netherlands East Indies show a total of
19,515 long tons, with 3,999 tons from Java, 5,826 from the Sumatra East
Coast. and 9,690 tons from all other sections.
PHILIPPINE ISLANDS.
Retail business of the past week was slower, as the result of the seasonal
exodus from Manila to Baguio prior to the severely hot period in May
and June. The copra market remains firm and arrivals are light. Three oil
mills continue operations intermittently. Prices are unchanged at 13.50
pesos per picul for resecado (dried copra) delivered at Manila; Hondagua.
13 pesos; and Cebu, 13.75. (One peso equals $0.50) The undertone of the
abaca market is somewhat firmer, although trade continues quiet. There
has been no diminution in heavy production. Prices, which continue
speculative, are slightly higher than last week for grades F and I, at 26.50
and 23.50 pesos per picul respectively. Other selected grades remain unchanged at 22 pesos for JUS; 18.50 for JUK; and.14.50 for grade L. In
keeping with the tone of foreign markets, however, regular exporters are
offering abaca at about 50 centavos (25 cents) less per picul.
[VoL. 126.
According to the "Journal of Commerce," Prof. Cassel,
in noting that fresh gold supplies are falling behind the
world's needs, said that the South African mines are beginning to get exhausted, and no permanent relief from shortage is in sight. "The deficiency," he added, "is already so
great that even the discovery of a new gold field of the
importance of Witwatersrand would hardly do anything
more than fill up the gap for the moment, and would be
insufficient to counteract the shortage that must follow the
exhaustion of the present mines." The following further
account of his comments on May 4 is from the "Times":
"When the world's total stock of gold, say in fifteen years, will have
grown to 100,000,000,000 marks, normal progress will require an annual
production of 3,000,000 marks. With the resources now known, we shall
not be able to cover much more than half of this need.
Would Restrict Demand.
"The great problem before us is how to meet the growing scarcity of
gold resulting from increased demand and diminished supply. We must
solve this problem by a systematic restriction of the monetary demand for
POLAND.
Only in doing this can we hope to prevent a permanent fall of the
Polish imports reached in March a record high of 370.000,000 zlotys, gold.
equivalent to $41,570,000 (par value 8.90 zlotys to the dollar), against general price level and a prolonged and worldwide depression. We must,
208.000,000 zlotys or 823,370,000 of exports, thus resulting in an adverse therefore, try to find out how great the normal or average increase is
during a long period and in this way come to some estimate of the annual
balance of 162,000.000 zlotys or $18.200,000, also a record figure.
The adverse trade balance in 1928 is more than covered by the sharp additions to our accumulated gold stock which are likely on an average to
required in the future.
be
increase in imports, chiefly of raw and semi-manufactured materials and
"After the destruction caused by the Great War the need for progress
machinery for agricultural and industrial productive purposes, as a result
of the financial stabilization and general improvement in the economic seems all the greater, and there is no technical reason why progress, at least
the pre-war rate, should not continue for any period worth our taking into
condition of the country.
consideration.
PORTO RICO.
"As far as we can see now it is therefore necessary for the future to
The general situation in Porto Rico remains unchanged with the drought
with an annual need of fresh gold amounting to 3% of the total gold
reckon
stlli affecting agriculture and causing large losses to the fruit growers as
well as threatening to retard the movement of the grapefruit crop by its stock accumulated at the beginning of every year. It is true that the value
unfavorable effect at,this time of the year. Custom receipts during April of gold is now quite different from what it used to be before the war.
1928amounted to $216,000 and bank clearings were$21,644,000ascompared But things being as they are, and assuming that no new alterations of
with $189,000 and $24,026,000 in the same zionth of 1927. The registration this kind are going to take place, the stability of the present value of
of automobiles during the past month totaled 280, or 8 less than in April gold will depend on a growth of the accumulated stock of gold corre1927. Shipments from Porto Rico to the United States in April amounted sponding to the world's general economic progress.
to $12,149.000 as compared with $10,928,000 in April 1927. The increase
Estimating Annual Need.
In shipments to the United States during April is encouraging in view of the
"The question we now have to answer is this: How far is the need by
fact that shipments for the first quarter of 1928 were running below those
the production of fresh gold? In 1910 the world's stock of gold amounted
of the same quarter of 1927.
SWEDEN.
to 52,000,000,000 gold marks. At the end of 1925 this gold stock had
May
1
risen
to 75,500,000,000 gold marks, and at the end of 1927 it will probably
on
Sweden
of
the
Bank
After 4 months of unusually low rates
Increased its discount rate from 33i% to 4%, and the rediscount rate from be found to have exceeded 78,000,000,000 gold marks.
"The annual production required would then be 2,340,000,000 gold
3% to 334%. The rates at the private banks were increased correspondingly. The Swedish Match Trusts declared dividend rate for 1927 it marks. The annual production of the last few years has, however, only
profis
record
reveals
a
amounted to about 1,600,000,000 or 1,700,000,000 gold marks. There is
the same as for 1926 although the company's report
and expansion during the year. The status of conflict in the iron mine is therefore already a very considerable deficit. Assuming the gold production
unchanged but the difficulties in the sugar mills will probably soon be settled. to remain constant, the ratio of the annual gold production to the stock
of gold will soon come down to 2%, and the production will thus cover
UNITED KINGDOM.
only two-thirds of the need.
A general condition of stability continues in British business, although
"Some persons reject the idea of a deliberate regulation of the value of
there have been slight trade recessions which were partly due to the Easter gold as involving an unwarranted State interference in our economic life.
holidays and to uncertainty respecting the provisions of the new budget prior On this ground they combat all schemes for what they call a 'managed
to the Chancellor's announcement on Apr. 24. Statistics of banking,prices. currency.' Such apostles of economic freedom would, however, do better
trade, and employment show few changes not related to usual seasonal to expend their energy on combating traiffs and other
forms of unnecessary
movements, therefore no unusual change in business activity is anticipated. Government control of trade.
There have been recent declines in employment in the steel, linen, and ship"To provide a country with a reliable monetary system is under all
building trades, but the building, pottery, automotive, tinplate, and woolen
circumstances an essential function of the State. In scene form or other .
Industries' employment totals have increased. Despite apparent weak
currency has to be managed, and whether well or badly managed is
our
spots in the trade situation, the outlook is considered to be fairly good.
question we have to decide. The gold standard cannot be any
The new budget aims to relieve productive industry of oppressive local the only
taxation, although definite improvement from that cause may be as yet longer relied upon as an objective standard, automatically guaranteeing
only in anticipation of the time such relief becomes effective. The the stability of our money. Governments and central banks do unavoidably
rise in security and commodity prices, the expansion in bank deposits, influence the value of gold, and very materially so. What we urge them
advances, and the slight decline in discount rates indicate easier trade to do is merely to subject this influence to rational principles and to coconditiors and confidence in industrial progress. Production of iron and operate in procuring for the common gold standard of the world the
steel has shown a seasonal increase, statistics indicating that the March highest possible stability."
output was the highest for any month since May of last year. The present
Prof. Cassel's opening lecture was delivered at Columbia
demand is not dufficient to absorb the output and business is dull although
prices are generally firm. Coal markets were unsettled in April due to on May 3, at which time he observed that a revolution has
uncertainty arising from the operation of the new marketing schemes. taken place as a result of the World War. The
"Times"
Restriction in output was offset by a seasonal decline in consumption,
indicated as follows what Prof. Cassel had to say on the 3rd:
thus causing prices to remain at low levels. Engineering trades are moderAfter touching on the inflationary tendencies of the period, Dr. Cassel
ately active.
The chemical trade remains at about the average volume. Demand in proceeded to review the current ideas on currency and the paper tokens
imports
in
Petroleum
quantities.
large
in
not
of currency. False conceptions were at the bottom of the attempt to
most lines is steady but
April were above the March volume, the difference being especially pro- withdraw gold from circulation and stimulate the payment by notes and
nounced in gasoline and crude oil. Despite adverse weather conditions, checks, he said.
April.
"The only thing that has real importance for the value of a currency,"
all sections of the automotive industry showed improvement during
market
Raw wool has continued to hold a strong position. The leather
he added, "is the total supply of means of payment. Any arbitrary
raw
in
the
advances
recent
of
result
a
as
hardening
is strong and prices are
increase of this supply must lead to a deterioration of the monetary unit."
hide market. Shoe manufacturers are operating part-time due to lack of
The steps taken in post-war stabilization were also reviewed. The
improve.
orders. The general consumption oflumber continues to
lecturer said:
"The different cases may be classified in two main groups: those In
Uni- which the value to which the currency had been forced down by the
Prof. Cassel of Sweden, in Lecture at Columbia
previous inflation was recognized as definite and taken as a basis for
for stabilization, and those in which it was first
Gold
Calls
of
Scarcity
Growing
versity Says
attempted to raise the currency
Would
We
if
Metal
to a higher value by aid of a process of deflation. To these groups may
Restriction of Demand for
a
third,
best
illustrated
by
be
added
the
case
of Germany, where the old
Prevent Fall in Prices.
currency had actually been wiped out by the inflation so that an entirely
Discussing "The Post-War Monetary Situation" at Co- fresh currency had to be constructed."
The restoration of the gold standard by Great Britain In April, 1925,
of
lumbia University on May 4, Gustav Camel, Professor
was considered by Dr. Cassel a step which immediately proved to be a
Economics in the University of Stockholm, Sweden, declared great help for the stabilization of the world's currencies at large.
growDr. Cassel discussed at length his own "purchasing power parity" theory
that "the great problem before us is how to meet the
from of exchanges. Purchasing power parity, he said, stands out as the only
ing scarcity of gold which threatens the world both
to essential and permanent factor determining the rate of exchange, all other
Increased demand and diminished supply." He went on
factors being reduced to the range of temporary disturbances. The fundarestriction
systematic
a
by
mental of this theory is "the regulation of the purchasing power of each
my "we must solve this problem
currency so as to correspond to that of gold."
demand for gold." Prof. Cassel added:
of the monetary
to prevent a permanent
"Only if we succeed in doing this can we hope
world-wide depression
fall of the general price level and a prolonged and
We must
which would inevitably be connected with such a fall in prices.
the
devote great attention to the investigation of the general growth of
demand for gold and of the increase in the supply which is necessary to
meet this growing demand."
The same paper in referring to what Prof. Cassel had to
say on May 7, in further discussing the subject, stated:
It must always be kept in mind that New York is necessarily one of
the world's great gold centres and that it is therefore natural for the
Federal Reserve System to keep a comparatively larger gold reserve than
MAY 12 1928.]
FINANCIAL CHRONICLE
2899
other countries require, Professor Cassel said in discussing "The New National War bonds maturing before
March 31 1929. These had been
Gold Standard."
reduced to £193,000,000, towards which there was £60,000,030:in hand
"An international concentration of gold reserves in the great gold centres, from the issue of the 5% Treasury bonds last
December.
New York and London," he declared, "obviously requires a co-operation
"I am glad to say," said Mr. Churchill,"that the worst is now over, and
between all gold standard countries and particularly between England and that our position for dealing in future conversions
has been greatly imthe United States. The aim of this co-operation should be to enforce such proved."
economy in the monetary use of gold as is necessary in order to maintain
Savings Certificates.
gold at an invariable value.
The time had come when the problem of savings certificates must receive
."This stabilization of the value of gold ia of fundamental importance new and radical treatment. It was calculated that the interest liabilities
for the well-being of the whole world. To represent a necessary co-opera- involved by their annual sale would have been fairly equated by a irotion between the leading gold centres as a sacrificing of American interests vision beginning in early years of a cumulative interest payment
of t20,to British and European intereets—as is constantly done in certain Amer- 000,000. The difference between this sum and that actually provided had
ican quarters—is to give an absolutely false interpretation of the inter- always constituted a direct diminution of the sinking fund.
national relations here in question.
"I cannot yretend," said the Chancellor,"that this story constitutes the
"Evidently a successful international co-operation for the stabilization strongest feature of our post-War finance. But I took it as I found it, and
of the gold standard would be very much hampered if the central authority if I erred with the Snowdens and the Hornes and with the hereditary virtue
of the Federal Reserve Board were to be sacrificed to the greater inde- of the whole house of Chamberlain."
Mr. Churchill said they had been making larger sinking fund repaypendence of the several Federal Reserve banks.
"Thus gold exports need not cause a fall in the American price level, ments of debt than had generally been realized, consisting of the repayment
nor need gold imports cause it to rise. Under such circumstances the by the Dominions of loans made to them during the war, and the interest
United States is in a position to exercise an independent control over the on the Victory bonds held by the National Debt Office; amounting tovalue of its currency. The value ef the dollar is simply the result of the gether to £6,400,000.
rs,"On the subject of the treatment of the National Debt," he went on,"I
way in which the monetary authorities of the United States choose to
have noticed a good deal of anxiety and loose speaking: I have heard it said
regulate the general supply of means of payment in the country.
"As the United States is always able to buy and sell gold at fixed that we are making no headway in paying off our National Debt,and it has
prices in the dollar so determined, the value of gold is bound to adjust been suggested that there should be drastic taxation like the surtax or a
capital levy. Of course, these supposed remedies are equally futile.
itself to that of the dollar.
We
"The result is that the United States' monetary policy determines the have only got to go on paying the same sort of sUMB as we are paying now
steadily
punctually,
and
will
the
debt
and
be
extinguished
within
value of the currency of every other gold standard country. The Federal
the lifeReserve authorities therefore control not only the general level of prices time of some of those who are now listening.
Return to Disraeli's Policy.
in the United States but also the price levels of all other gold standard
"I propose to recur to the policy instituted in Mr. Disraell's Government
countries in the world."
by Sir Stafford Northcote in 1875. with the full support of Mr. Gladstone,
On May 9, in an address at the Yale Club, Prof. Cassel, and to establish a fixed debt charge for the interest
for all the services of
advocating lower tariff walls, said:
debt and for the sinking fund, so that as the interest charge falls through
fund
sinking
the
of
the
working
the
process
of
amortizing
the debt will grow
"Sweden has not once increased her tariff since the war. Prices have
come up, but the value of money is much less. Sweden today is much grow greater and more rapid.
"I propose to establish a new fixed debt charge, and I propose to put the
more a free trade country than before the war. I think that by not
figure at £355,000,000 a year, compared with Sir Stafford Northooto's sum
raising our tariff walls any higher we have facilitated international trade.
of 28 millions. This sum provides for the 51 millions required to meet the
Last year at the League of Nations meeting in Geneva my country joined
specific sinking fund on certain Government stock, and it will also provide
with England to work for free trade. I don't, however, advocate complete
an average of 20 millions a year for the service of the savings certificates.
tree trade everywhere."
The interest saved by the annual repayment of debt and in economies
effected in administration will each year be automatically added to the
Great Britain's Plans for Amalgamation of Note Issues effective sinking fund.
"I propose that the income-tax payer shall look forward to any relief
—New Treatment of Savings Certificates,
which may be yielded by any great conversion of debt to a lower rate of
According to copyright advices from London, May 6, Interest. He has that hope for the future. The rest of this annual atm
will continue to roll up until or unless the day dawns when some unholy
to the "Herald-Tribune" a new clash between financial and hand
Is laid upon it.
industrial viewpoints in Great Britain corresponding with
"The payment of 355 millions a year, if steadily maintained, even If the
rate
of
interest falls not lower than 43.5%. Will extinguish our entire debt—
that which attended the government's decision to revert to
internal and external, and including our debt to the United States—without
the gold standard has arisen. The account goes on to say: any
addition to present taxation in a period of exactly fifty years.".
It hinges on the text of Chancellor Churchill's currency and banknotes
Note Amalgamation.
bill speech providing for amalgamation of government currency notes in
Referring to the restoration of the gold standard. the Chancellor said:—
denomination of the pound and 10 shillings, which were Issued on the out"The time has now come to take a subsidiary step.
break of the war in order to economize gold supplies, both Bank of England
The amalgamation of the currency notes with the Bank of England note
notes hitherto not issued in denominations of less than £5.
Issue
will take place in the present financial year.
The controversy centered around the clause fixing fiduciary notes circuA bill for this purpose will be introduced at the earliest convenient
lation combined with currency and banknote Issues. The actual figure
laid down in bills was £260,000,000, and this amount should provide not opportunity. The Bank of England will take charge of the present note
only for present currency needs in the country but also for increased re- issue, and of the assets held against them. The profits of the issue, less
quirements which may very possibly accompany expanding trade, upon expenses, will remain secured to the State.
"The assets will be taken by the bank at their present value, and we shall
which discussion of the bill turns. The present actual fiduciary Issues in
circulation amount to about £233,452,000, but at this season the public not, of course, hand over the reserves accumulated by the Treasury against
demand for currency is far from the peak. It Is pointed out that on De- the possibility of future depreciations. The amount of these reserves is
cember 22 last, when the demand for currency was at its height, fiduciary £13.200,000. I shall use them as a special means of strengthening the
sinking fund this year and of inaugurating the new debt redemption scheme,
nifomiation was just over £263,000,000, or 0,000,000 more
than is now to which I shall
add £800,000 from the general resources of the budget,
proposed as maximum.
A provision in the bill would enable the Treasury to authorize the bank which, added to the 51 millions, will carry the sinking fund again this year
Increase in fiduaciary issues, but since it may be supposed that the bank will to the record figure of 65 millions."
Giving a six-year forecast of the operation of the fixed debt charge of
show itself reluctant to ask for such authority, and, in any case, such an
355 millions, Mr. Churchill said the provision for the new sinking fund
excess issue must be withdrawn within six months, it is contended
by and for savings certificates combined would
be 7834 millions in 1928. 6634
opponents of the bill that there is no provision for any permanent expansion
In the country's currency requirements. Any increase in these require- millions in 1929, 69 millions in 1930, 72 millions in 1931, 7334 millions in
ments would thus have to be met with an increase in gold holdings, which, 1932, and 71 millions in 1933.
A Government actuary had certified that the full annual provision on
it is plain, would mean that the country would be driven into an undesirable
the average of the next six years required to meet the Interest accruing on
competition with other countries for an available supply.
the
savings certificates was 2031; millions. Thus a fixed debt charge
The measure is most strongly opposed by the labor party, on the ground
that the inevitable result would be a lack of elasticity in the supply of cur- provision of 355 millions, fortified this year by the addition of 14 millions
rency necessary for commercial and industrial wellbeing and that the com- would during the next six years not only meet the statutory and fiduciary
munity will be forced to put a disastrous check on any trade revival by requirements of the new sinking fund, but would cover the whole provision
actuarially required for the savings certificates with a free margin of 1M
forcing down the general level of prices. A similar viewpoint is taken
by millions
a year.
industrial leaders, headed by Sir Alfred Mond, while the Federation
of
Mr. Churchill said that he estimated the @emendated Fund services as
British Industries Is expected to adopt the same stand, thus lining up industrial capital with labor in putting up a strong fight for greater elasticity follows:—
Debt: The provision of 355 millions setting aside the special addition of 14
In fiduciary issues than Is contemplated in Churchill's bill.
from the sinking fund.
Since our reference to the Chancellor's budget speech in millions
Road Fund: 2154 millions, an increase of 2 millions over last year.
April
of
28, page 2577, in which it was noted that
our issue
Local taxation account: £14,200,000.
Northern Ireland Residuary share: £5,400,000.
the British note issues would be amalgamated this year, the
Other Consolidated Fund Services: £2,600,000.
London "Financial News," giving the speech in detail, "That
makes a total Consolidated Fund Services of C398,700.000," he
has come to us. From that account we quote the following went on.
£806,195,000 Expenditure.
Debt Reduction.
"The figures for the Supply Services have already been laid before the
"We have done very well this year in reduction of debt. The new House at a total of £407,495,000. Thus the total estimated expenditure
sinking fund was raised to the unprecedented figure of 165.000,000. In of 1928 on the above
basis becomes £806.195,000,a reduction of £27,000,000
addition, the budget has borne the payment of more than
£15.000,000 for from the estimated and £32,000,000 from the realized expenditure of last
accrued interest upon savings certificates. This total of £80,000,000 is year.
.
strictly comparable with the £53,000.000 provided under both heads by my
"To present a clearer picture. I have this year adopted a new form of
predecessor in office in the budget of 1924.
presentation of our accounts. In the first place, I have presented the net
"The result, however, of the exertions needed to provide the additional instead of gross.
sum of £28,000,000 appears somewhat disappointing."
"The total estimated expenditure for 1927 was £833,390,000. But had
Mr. Churchill said that the nominal deadweight debt which on April 1 the change Just mentioned been in force that year the figure would have
was £7,527.000,000 showed a diminution of only £27.000.000 on the year been £826,326,000 net. The corresponding total for 1928 is the figure that
In spite of the operation of E65,000,000 sinking fund,due to a great quantity I have already given, namely. £806,195,000. Therefore, the reduction,
of 334%. War Loan having to be raised at the beginning of the year to comparing like with like. is £20,000,000, and that is due to
economy on the
the higher interest rates now ruling. This raised interest charges by up- Supply Services and to the revision of debt arrangements.
wards of £1,000,000.
"Restated in its altered form the expenditure of 1928 is as follows:—
The external debt had been reduced by 46,250.000, and now stood at
"Supply Services, exclusive of Post Office, £350,000,000.
£1,095,000,000.
"Consolidated Fund Services, excluding Road Fund Grant and sinking
Floating debt had been reduced by nearly £27.000.000 and is now 1688.- fund: £326,500,000.
750,000. This time last year they were faced with some £555.000,600 of
"Total expenditure: E676.500,000."
31
2900
FINANCIAL CHRONICLE
[VOL. 126.
The New York Trust Co. on May 9 issued the following
British Gold Reserves After "Amalgamation"—London
Bank Explains Problem Underlying Fusion of the announcement:
The New York Trust Co. announces that it has been invited by the
Note Issues.
Banque de France to receive subscriptions to the new 5% Internal loan of
the
Government of the French Republic. The bonds are dated May 10
April
29:
"Times"
of
New
York
following
is
from
the
The
The monthly review of Barclay Bank, London, for April. expresses the
belief that the recent increase in the reserve ratio at the Bank of England
"foreshadows an early merger of the currency note Issue with that of the
Bank of England." The bank's review continues: "The country's present
stock of gold, as represented by the holdings of the Bank of England, is very
little different in amount from the total gold supplies of the country prior
to the war, and as meanwhile the legal tender notes outstanding have increased from £57 millions to 1409 millions, the fiduciary portion of the
Bank of England issue, limited at present by law to £19.750.000, will
when the merger of the two issues takes place, have to be substantially increased.
"The Cunliffe Committee and the Committee on the Currency and Bank
of England Note Issues both expressed themselves in favor of a fixed fiduciary issue, beyond which notes should be covered pound for pound,and one
of the problems associated with the amalgamation of the two issues is that
offixing the future level of the single fiduciary issue. The larger the fiduciary
portion of of the issue is, the smaller is the amount covered by gold, and
vice versa. It follows, therefore, that the future volume of the gold supplies of this country will be influenced to a considerable extent by the decisions reached in regard to the size of the fiduciary issue."
1928 and are due May 10 2003. Subscriptions are accepted at the official
issue price of trancs 910 for each francs 1,000 bond to yield 53,5% per
annum.
Applications are transmitted to Paris without deduction of cable costa
and are received at the bank's Head Office at 100 Broadway, at its Madison
Avenue Office (corner of Madison Ave. and Fortieth St.) and at its Fifth
Ave. Office (corner of Fifth Ave. and Fifty-Seventh St).
Under date of May 5 it was announced that, according to
advices received by Bankers Trust Co. of New York from
its French information service, the well-informed "Agence
Economique" stated that the public loan would be a large
consolidation operation destined to reimburse the advances
of the Bank of France to the State now amounting to 23,800,000,000 francs. The Bankers Trust added in part:
Although the advances to the State figure at approximately 24,000,000,000 francs, under the agreement of the bank with the Government in regard
to exchange transactions made on behalf of the Government, this amount
will be cut down very considerably if legal stabilization is effected at the
current rate. The "Agence Economique" figures that in order to wipe
cut the advances to the State, properly speaking, not more than 4,000,000,000 francs will have to be raised by the loan. If. however.the Treasury
bonds discounted on State advances to foreign governments are included,
the total sum necessary to repay the bank will be about 10,000.000.000
ft
&treacly it is predicted that this new consolidation loan will be a great
popular success. and because of the plenitude of money will attract a good
deal of fresh money that has heretofore been hoarded.
Proposed Tax by Great Britain on Kerosene Dropped
from Chancellor Churchill's Budget.
Noting that Winston Churchill, Chancellor of the Exchequer, having already withdrawn one tax from his new
budget, namely, that on kerosene, London advices to the
New York "Times" stated that his deputy, A. M. Samuel,
Reference to the new French consolidation loan appeared
Financial Secretary of the Treasury, proposed, May 2, to
reduce another, that on home-produced cigarette lighters. in our issue of May 5, page 2728.
The advices added in part:
Thereby Mr. Samuels gave rise to an extraordinary scene in the House How France Plans to Pay State
Bank—State to Use
of Commons.
Proceeds of New Loan, in Addition to "Gold ReWhen a Conservative back-bencher moved to reduce the tax Mr. Samuel
State
Secretary
of
the
S.
Amery.
at first demurred, but after Colonel L.
valuation" Credit—Note Circulation to Stand.
for Dominion Affairs and leader of the Protectionist Party in the Governway.
Under
date of May 4 the New York "Times" reported
gave
Samuel
Mr.
him,
to
whispered
ment, had
Opposition members Immediately began to taunt him with trying to in- tho following from Paris:
chief.
troduce protection by a back door and betraying the cause of his
Mr. Churchill, was absent through illness.
Mr. Churchill is suffering from influenza and running a high temperature.
He became ill following his strenuous budget speech and the parliamentary
debates which It aroused. Be will not be able to attend the budget debates
in the House of Commons for at least a week.
The presentation of the budget proposes to the House by
Chancellor Churchill on April 24, was referred to in our issue
of April 28, page 2577. Opposition to the Kerosene tax was
registered by members of the Conservative Party,
Although the legal revaluation of the franc will be accompanied by cancellotion of the greater part of the bank's advances to the State, it is not
expected that repayment of these advances will cause much diminution in
the bank's note circulation. There will be practically no necessity for cash
repayment after operations based on the new Treasury loan have been
completed.
That part of the new loan which will not be covered by conversion of
outstanding obligations will be subscribed in cash or with defense bonds.
The Caine d'Amortissement will also discount such defense bonds with
funds available at the bank; theretofore subscriptions made in the form
of such bonds will practically amount to cash subscriptions, so far as concerns the Treasury's position.
With this money the Treasury will reimburse the bank. It is impossible
to foretell exactly how much will be repaid in that way, but it is accepted
as certain that the State's total debt to the bank remaining after the loan
operation is completed, and after taking into consideration the revaluation
of the bank's gold reserves, will be small enough to prevent its being any
obstacle to immediate stabilization.
Subscriptions:Received Here to New French Internal
Loan.
houses of A. Iselin & Co. and
banking
York
.=The New
Brown Bros. & Co., announced on May 7 cf at they would
receive subscriptions to the new Government of the French
Republic 75-year 5% Internal Loan of 1928. This loan French Bank Again Buyer of
Exchange—Holdings Now
follows the recently announced plan of the French GovernEstimated at $1,500,000,000, Exclusive of French
of
the
Bank
France,
received
from
advances
off
ment to pay
Treasury's Reserve—Bourse Boom Continues.
Government, and to
to retire short term obligations of the
From the "Times" we quote the following from Paris,
circulation
from
a
large
withdrawing
for
means
a
provide
May 4:
amount of paper francs which are currently quoted at about
The noteworthy influence on all the French markets is still a superunlimited
offered
in
amount,
is
loan
new
The
dollar.
the
25 to
abundance of money. During the past week the Bank of France again
the
Government
of
of
operation
internal
bought
considerable quantities of foreign exchange. The foreign bills
an
and is primarily
effect certain fiscal offcrcd do not at present represent French capital returning from abroad,
struggle
to
long
a
following
France
"ere tendered by foreigners who have been buying immense quantities
bonds will be paid butFr
tnch securities on the Paris Bourse and who require francs to make
chwges in financial administration. The
of
all
French
of
taxes.
free
francs,
pa.31r ent. This created a large demand for francs at the month-end settleprincipal and interest in
meni
which the bank had to meet.
retire them by purchase at par
:Nrr 'withstanding the known magnitude of the bank's foreign exchange
A sinking fund is provided to semi-annual drawings at par.
by
or
market
purchases, the sundry assets account, in which such purchases are entered,
or less in the open
of the Government of the Incre.,sed only by the small amount of 159 million francs during the
week.
The bonds are direct obligations
This
was because the bank was able to lend out to other institutions most of
May 10 1928, and due May
French Republic and are dated
the foreign currency purchased.
at 910 francs for each 1,000
10 2003. They are priced
Bank's Holdings of Foreign Bills.
the bonds will yield 5.50%.
basis
which
Nevertheless, although the Bank of France thereby postponed actual
Franc bond on
States
at
the
United
the
in
received
yment for such purchases of foreign bills, it still remains the owner of the
Subscriptions will be
the current exchange rate. pi rchased exchange. The stock of foreign bills held by the bank is now
issue price, namely, 01% at
'mated
more than 81,500,000,000. This includes the f'reign exchange
es'
terms of bonds temporarilyatloaned
out, but excludes private reserves of foreign bills held
Payment may be made either in cash or in
retirement.
Government
for
by he Treasury, concerning which no precise figure is available.
specifically named by the French
'The boom on the Bourse continues, notwithstanding counsel of caution
prices to be set by the
These bonds will be received at
by the banks. The truth is. however, that the rise has been chiefly enamong these are the two gineered
Principal
Government.
from abroad—particularly from America, which has been
French
sending
issued in 1923 and due in 1932- in buying orders in an amount often exceeding the market's possibilities.
series of 6% Treasury bonds
These purchases seem to be made without regard to price.
of
Series
5%
and
the
francs
9,682,000,000
1933 which total
Theories of the Stock tdarket.
1919 and due in 1929
airnTaal Defense bonds issued in redemption. The total
The frankly expressed Judgment of the banks is that purchase even of
for
called
high-grade securities at present prices is a mistake. Thc theory that stocks
which are expected to be
outstanding has not been divulged. should be worth five times more after stabilization
than they were when the
amount of these bonds
payment include National Defense franc stood at the old par Is regarded as radically w tong in authoritative
Other bonds acceptable in
financial circles. Their ground of objection to the theory Is that the value of a
Government prior to April 21 stock
is merely capitalization of the yield it gives, and that dividends will
Defense bonds issued by the
of
Issue
National
Credit
of
certainly not be multiplied by five.
bonds
1928 and also the 6%
But theory and argument have counted for little In the present market;
Bankers Trust Co. states
1922. In its announcement, the
sub- people now seem to be buying securities merely because prices are rising
of
transmission
on
charges
cable
no
and without any serious reasoning. All of the sober financial community
that it will make
acting for the Is convinced that sooner or later there will be a serious reaction on the
Ecriptions to the Banque de France of Paris,
Bourse.
French Republic.
MAY 12 1928.]
FINANCIAL CHRONICLE
Reichsbank Ends Its Gold Purchases—Country's
Paper-Money Issues 649,000,000 Marks Above Year
Ago, Loans Up 401,000,000.
Under the above head the New York "Times" prints the
following from Berlin, May 4:
So far as Is known, the Reichsbank has not purchased any more foreign
gold, but statements made by the Ekonomitcheskaya Zhizn of Moscow
imply that Russia expects to make further gold exports, possibly to Berlin.
The total note circulation of all banks of issue, as now reported for the end of
March, shows 6,222 million marks, as against 5,573 millions at the end of
March, 1927, while total discounts and advances of the same banks had
increased In the same 12 months from 2.515 millions to 2,916 millions.
Considering the great business expansion of the period, however. these
Increases are considered moderate.
The activity In the home loan market during April is shown by the
compilation of such issues for the month, which aggregate 186 million
marks, consisting largely of municipal loans and Treasury bills. A great
part of these, however, were subscribed by foreign capital. Foreign loans
placed during the month amounted to 70 million marks, contrasting with
180 millions in March; but the total foreign borrowing in the first four
months of the present year has been 445 million marks, whereas it amounted
in the same months of 1927 to only 91 million. In the period last year.
however, official sanctioning of foreign borrowing had been suspended.
2901
A solution, under the Dawes plan, however, depends on a further development of industry in the Reich, which has shown marked advances
during the past few years. It was for this purpose, he added, that the
borrowed money has been expended.
Steps which S. Parker Gilbert has taken in the direction of fixing a
limit to the sum required is hailed by Krupp with satisfaction, though
he anticipates that the Agent-General will go forward with the greatest
caution, and for the present will give only a vague outline of the nature
of the changed plan.
"Even though important details are left open in the present program,"
he said, "and though these proposals form a mere skeleton of the probable
final solution, this move must be looked upon as important, all the more
so because it is made near the end of a test year of the Dawes plan
and comes from a source which is backed by experience and competence."
Germany World's Largest Exporter of Electrical Products-1927 Shipments to foreign Markets Reach
Value of $120,000,000.
Germany has now become the world's foremost exporter
of electrical equipment, outdistancing both the United
States and Great Britain, a trade bulletin just issued by the
Commerce Department reveals. In its advices to this effect
May 8, the Department says:
Reich Must Watch Loan Policy, Says German Finance
Up until last year the electrical manufacturers of these three counMinister.
tries were running a neck and neck race for the leadership in the exporting
field with the United States having a slight advantage. During
The following copyright cablegram from Berlin, May 7,
1927, however, the German industry forged to the front, total shipments
Is from the "Herald-Tribune":
to foreign markets reaching a value of $120,000,000 as ccenpared with
The most careful loan policies are essential for German finances, Dr.
Heinrich Koehler, Minister of Finance, declared last night in an electioneering speech at Baden. Pointing out that foreign loans still are
necessary for Germany, the minister emphasized that the Reich's financial
situation, for several reasons, demands that the foreign indebtedness be
kept down as much as possible.
Sound economics as to expenditures of public bodies must be the
principle and essential feature of an administrative reform, the minister
said, adding that to this end it is absolutely necessary to continue the
road of the strictest economics.
Examination of the loan requirements of German communities and
municipalities, which have almost been concluded by the advisory office
for foreign loans, have been handled very carefully and only the most
urgent ones have been sanctioned, he said.
Rising Exports May Curtail Germany's Foreign
Borrowing.
The "Times" reports the following by wireless from
Berlin, May 4:
The Disconto Bank's bulletin predicts that long-term German borrowing
will not in the immediate future be of large dimensions. It describes the
country's export outlook as excellent and declares that the former
"psychological obstacles" against buying German goods has been entirely
overcome.
The Official Institute for the Study of Trade Fluctuations also expresses
itself optimistically concerning exports which it considers will play a big
role in compensating for the weakening of the home market. One favorable
Indication is that, while industries producing goods for consumption has
slackened, trades producing other instruments of production are very well
occupied. The only fear which seems to be entertained is that the decision
to raise coal prices by an average of 2 marks per ton may induce a fresh
general advance in selling prices. Thus far, the iron and steel industries
have decided not to raise their prices.
German Coal Prices Rise—Federal Commission Allows
Owners to Meet Wage Increases.
A message from Berlin, May 2, to the New York "Times"
states:
German coal prices will advance one or two marks per ton as a result of
wage increase recently granted to the Ruhr miners through an arbitrator's
decision which was made mandatory by the Labor Minister.
The Federal Coal Commission today decided to grant the request of
Rhenish and Westohalian mine owners for at least partial reimbursement.
The commission permits an average rise of one mark per ton, but the
question of which grades will benefit is left open. Some minor grades
probably will remain at the old prices, but there is no doubt that the
standard qualities will go up two marks. Briquets and coke will not
become more expensive for the present.
a
Baron Krupp Stresses Need to Fix Dawes Total—Decision on Reparations Is Important Step to Industrial Germany, He Tells Reichsbank.
Any step tending to alter the Dawes plan with a view
to fixing the total sum which Germany must pay as reparations must be regarded by the Reich as a very important step toward a solution of a troublesome problem, according to Baron Krupp von Bohlen-Halbach, President of
the Krupp Works, who expressed this opinion on April
28 at a general assembly of the directors of the Reichs
Bank, held to consider German industrial obligations. In
a review of the economic condition of the Reich, the Baron
gave his view of what the future will be like, says the New
York "Times" Berlin advices, which add:
The critical point at which Germany now finds herself with regard
to the entire reparations question makes it doubly imperative that the
Reich move with greatest care, the Baron said. The matter of her.
rowing foreign capital must be seriously considered since a wrong
move might hurt the confidence in Germany which is now held and with
justification, by her creditors, Krupp continued.
$102,000,000 for the United States and approximately $80,000,000 for
Great Britain.
The basis of Germany's advance in electrical exporting, according to the
bulletin, rests on the price factor. In the matter of such appliances as
lighting fixtures, switches, dm., the German producers do not attempt to
turn out a finished product such as is the practice in the United States
and the material is as a rule much lighter. The larger items, such as
turbines, generators and motors are of excellent manufacture, but because
of much lower labor costs these can also be sold at prices under American
quotations.
Germany's electrical products, the report discloses, are shipped to every
part of the world, although its best customers are in Europe. In this
area German manufacturers have a decided advantage over their chief
competitors because of proximity of markets and ease of transportation.
The Netherlands is Germany's largest customer for electrical lines, followed by Great Britain, Russia, Argentina, Sweden and Italy. In 1927
shipments of German electrical items to the United States were valued
at about $2,000,000, about 2% of Germany's total exports.
The German electrical industry, according to the report, is apparently
in a very prosperous condition. It is strongly entrenched in the foreign
field and that its position there will be consolidated or, at least, that an
effort will be made in that direction, is evidenced by the fact that there
is a decided tendency to pool forces among German manufacturers.
Spanish Government Issues Debt Conversion Plan.
The following is from the "Journal of Commerce" of
April 24:
The voluntary conversion of 1,000,000,000 pesetas. or more if presented
of the existing 1.656,000,000 pesetas of "Deuda Perpetua 4 for Ciento
Interior," is provided for by the Royal Decree Lay 535, according to a
report to the Department of Commerce from Assistant Commercial Attache
Evett D. Hester. Madrid.
Holders of the present issue desiring to present their bonds for conversion
will be allowed option of two new issues: Amortizable 3 per cents, or amortizable 4 per cents. The amortizable 3s will be issued at 100 pesetas for
each 100 pesetas nominal value of the old, while the amortizable 4s will be
issued at 80 pesetas for each 100 pesetas nominal value of the old issue.
Both new issues are to be amortized over 70 years, beginning Jan. 1 1929,
retired by quarterly drawings, and are exempt from the utility (income)
taxes on movable property. Loans guaranteed with bonds of the new issues
will be exempt from stamp tax until Dec. 31 1936, this same benefit being
accorded temporarily to bonds which are declared by their holders subject
to conversion on or before April 13 1928.
The Bank of Spain agrees to accept bonds of the new issue for discount at
90% of their nominal value and, further, until Dec. 31 1936, this same
benefit being accorded temporarily to bonds which are declared by their
holders subject to conversion on or before April 13 1928. The Bank of
Spain agrees to accept bonds of the new Issue for discount at 90% of their
nominal value and, further, until Dec. 31 1936, will grant a reduction of
3i% in interest In loans guaranteed by the new securities when such
interest would normally exceed 4%•
Spain Admits Foreign Wheat in Effort to Regulate
Prices.
Special cablegram to "The New York Times" from Madrid
April 28 said:
The Spanish Government has granted permission for the importation
of foreign wheat with a view to regulating prices throughout the country.
Heretofore only temporary permission has been granted from time to
time when high prices due to shortages made a further supply essential.
A duty of $2.68 a hundred kilograms will be charged. Wheat is now selling at $8.66 a hundred kilograms.
Visit to United States of Alfred Loewenstein, Belgian
Banker—Brazilian Traction Affairs.
Alfred Loewenstein, the Belgian banker, who arrived in
New York on April 25 on the French steamer "Ile
de
France," indicated in an interview on April 30 at
Montreal
that his visit has a two-fold object. This is learned
from
advices to the New York "Journal of Commerce"
which
state:
The chief object is to repair "an injustice" done to
bondholders of the
securities of a subsidiary of Brazilian Traction, he
declared, and the
2902
FINANCIAL CHRONICLE
second is to try to get representation on the directorate of Brazilian Traction for the Belgian interests, who have tome $78,000,000 invested in the
South American utility enterprise.
With regard to what Mr. Lowenstein termed the "injustice," he explained that he had reference to a bond issue of 1908 made by a subsidiary of Brazilian Traction, the Rio de Janeiro Tramway, Light Sr Power
Co., Ltd. He declared that the money saved Brizilian Traction from a very
bad position. His abject here is to try to get the directors to agree to
repay these bonds in gold Belgian francs, rather than in paper francs,
which, as is well known, have depreciated considerably, and at the time
of the establishment of the present Belgian gold currency (the belga)
were worth about 3c., as compared with the gold or par value of 19.3c.
He hopes that the Toronto directors of Brazilian Traction will agree to
his proposal in this respect.
Throughout the morning Mr. Loewenstein was engaged in conference with
local financiers, with whom he went over in some detail the silk and
utility enterprisQs with which he is associated. He leaves for Toronto
to-morrow evening.
Explaining his purpose in coming to Canada, he said: "I will show you
the proof. I am a man of facts and figures only." He produced a photograph showing the Belgian bondholders assembled at the Place de 1a
Madeleine in Brussels, where he received authority to act for them.
"Our people have suffered an injustice in respect to this company," he
said. "In 1905 our burghers Caine to the financial rescue of the company; now they are not represented on the board. There is a court action
going on now in connection with the company and I am going to Toronto
where I am sure that the good people of that city will treat me well."
"I have been interested in your great country," he said, "since 1905
and it has been of great benefit to me personally, not because of myself,
but because of the good Canadian people. As you know, I am Chairman
of the International Holding Co., Ltd., and also of the Canadian Hydro.
Electric Pow.r Co., so in part I may be said to be a Canadian."
Cuba Asks Bids of Banks—Proposals for $40,000,000 to
$50,000,000 Loan to Finance Public Works Sought
by Treasury.
From the "Wall Street Journal" of May 3 we take the
following Havana advices:
Secretary of the Treasury has called upon the banks of standing, loca
and foreign for proposals to finance Cuba's public works plan for $40,
000,000 to $50,000,000 to carry out the highway construction contract
granted to Warren Brothers and Cuban Contracting Co.
Banks included are National City Bank, Royal Bank of Canada. Bank of
Nova Scotia, Canadian Bank of Commerce, First National Bank of Boston.
Banco del Commercio, Banco Commercial. Chase National Bank, Zaldo
& Co., and Mendoza & Co.
Proposal is to make bids on the line of the $10,000.000 loan made by
Chase National Bank, which is supposed not to have received Washington's
approval. That money has been exhausted, and revenues are not coming
up to the public works requirements.
Bids will be opened May 12 by the Secretary of Public Works and the
Secretary of the Treasury.
Plan may be proposed to fund the entire bonded debt along with the
public works loan. Falling off in revenues caused the decision on the
financing plan.
Offering of $50,000,000 4%% Bonds of Commonwealth
of Australia—Books Closed.
A syndicate headed by J. P. Morgan & Co., including
the National City Co.; First National Bank; Guaranty Co.
of New York; Bankers Trust Co.; Harris, Forbes & Co.;
Brown Bros.; Kidder, Peabody & Co.; and Lee, Higginson
%
Co. offered on May 8 a new issue of $50,000,000
gold bonds, external loan of 1928, of the Commonwealth
of Australia. The bonds were offered at 923.- % and accrued
nterest, to yield 5% to maturity. The books were closed
May 8. This loan is issued, in accordance with a decision
iof the Australian Loan Council, by the Commonwealth of
Australia as a central borrower on behalf of itself and the
States of New South Wales, Victoria and Queensland. The
proceeds of the Loan will be used for developmental and
productive public works. This is the first 4%% Australian
dollar bonds offered in this market. Two previous issues
floated in the New York market carried 5% coupons. One
of these, $75,000,000 was marketed in July 1925, and the
other, $40,000,000 in August 1927. An offering of L8,000,000 Australian government 5% bonds was recently made in
London. These bOnds are now selling at 1% premium.
The new $50,000,000 issue will be dated May 1 1928 and will
mature May 1 1956. It will be redeemable, at the option
of the Commonwealth, as a whole or in part, upon 60 days'
notice, on any interest-payment date, at 100% and accrued
interest. The bonds will be in coupon form in denomination of $1,000. Prin. and int. (May 1 and Nov. 1) will be
payable in N. Y. City, at the office of J. P. Morgan & Co.,
or at the principal office of The National City Bank of
New York, or at the office of the Commonwealth Bank of
Australia in the City of New York,in gold coin of the United
States of America of the present standard of weight and
fineness, without deduction for any Australian taxes,
present or future. A statement made on behalf of the
Commonwealth of Australia by Sir Granville de Laune
Ryrie, K. C. M. G., C. B., the High Commissioner for
the Commonwealth of Australia in London, says:
Commonwealth Sinking Fund.
In respect of this loan, sinking fund contributions will be paid into the
National Debt Sinking Fund in accordance with Sec. 9 of the National
[Vol.. 126.
Debt Sinking Fund Act 1923-1925. This Act provides, among other
things, that, during a 50-year period beginning in 1923, payments from
revenue to the sinking fund must be made at the rate of not less than 3i%
per annum of the amount of the Commonwealth loans outstanding in 1923
and loans subsequently issued except those raised for the purpose of making
local advances which are to be repaid to the Commonwealth and credited
to the Sinking Fund. The Sinking Fund payments at the minimum rate
of % per annum, when applied as required by the Act, would amortize
the present Commonwealth debt within 50 years from the present time
and all future loans within a similar period from the time of their issuance.
In certain cases, contributions to the Sinking Fund must be made in excess
of this minimum rate and are designed to reduce appreciably the period of
amortization.
Government Debt.
The total gross debt of the Commonwealth as of Dec. 31 1927, amonted
to $2,334.256,708, consisting of $509,119,814 external debt in the hands
of the public; 1413,177,480 debt to the British Government(to be amortized
by 1956 under a funding agreement of 1921); and $1,411,959,414 internal
de
a conference of Premiers held in June, 1927, an agreement (formally
executed under date of Dec. 12 1927) was entered into for adjusting the
financial relationships between the Commonwealth and the States of
Australia. This Agreement is subject to approval by the Parliaments of
the Commonwealth and of the States. The Agreement is to operate for
two years from July 1 1927, before the end of which period the people will
be asked by referendum to alter the Constitution of the Commonwealth
in order to give constitutional sanction to the permanent provisions of the
agreement.
The agreement contemplates that (upon such alteration of the Constitution) the Commonwealth shall take over the debts of the States and apply
for a period of 58 years from July 1 1927, towards the interest on those
debts, a sum equal to the total of the per capita payments made by the
Commonwealth to the States in the year ended June 30 1927. the States
to provide the balance of the interest requirements. There is a further
provision that the Commonwealth and the States, out of their respective
revenues, shall make annual contributions to a sinking fund, designed
to extinguish the present debts of the States in a period of between fifty
and sixty years from the present time and all future leans within a similar
period from the time of their issuance. Under the terms of the agreement,
all future borrowing for the purposes of the Commonwealth and the States
is to be arranged by the Commonwealth, in accordance with decisionslof
the loan council, which is representative of the Commonwealth and of the
States.
Revenues and Expenditures.
The ordinary revenues of the Commonwealth in the fiscal year ended
June 30 1927, amounted to 1380,405,718, and its ordinary expenditures to
8367,579,583, resulting in a surplus of 812.826.133. The expenditures
include $16,110,188 applied from revenue to the redemption of debt. These
figures do not include expenditures for Commonwealth public works or
for loan moneys made available to the States for public works, together
amounting to $95,832,044.
Monetary System.
The monetary system unit of Australia is the pound sterling. The
Commonwealth Bank of Australia has the sole power of note-issue and holds
a gold reserve to over 49% against its outstanding notes.
According to a "Central News" cablegram from London
Apr. 21 to the New York News Bureau H. T. Armitage,
Deputy Governor of the Commonwealth Bank of Australia,
addressing the Sydney Economic Society,defended Australian
borrowing in New York. He denied that borrowing in
America was a disadvantage to London, as it does not mean
that the money so borrowed is spent in America. Money
so raised is transferred to London within 24 hours and is
actually equivalent to a shipment of gold.
Offering of $3,500,000 Pomerania Electric Co. (Germany) Bonds.
An issue of $3,500,000 sinking fund mortgage bonds, 6%
series, due 1953, of the Pomerania Electric Co.of Germany
was offered May 8 by Harris, Forbes & Co., New York.
The bonds, dated May 1 1928, were offered at 92% and
interest, yielding over 6.60%. Pomerania Electric Co.
supplies directly or indirectly practically the entire Prussian
Province of Pomerania outside the City of Stettin, as well
as portions of the adjoining provinces of Brandenburg and
Grenzmark and a portion of the State of MecklenburgStrelitz. The territory thus served has an area as large as
the States of Massachusetts and Connecticut combined
and a population estimated at 1,900,000.
Upon completion of this financing these bonds will be
secured by a direct mortgage (Grundschuld) in terms of
goldmarks or fine gold in favor of the trustee on substantially
all the fixed properties of the company subject only to
revalorized mortgages on certain properties and to charges
under the Dawes plan. The total amount of bonds to be
at any one time outstanding will be limited to $15.000,000
(or equivalent in other currencies). These bonds will be
followed by $785,054 unsecured debt, due 1929 and 1931 and
$17,235,065 capital stock. Further data in connection
with the offering are given in our "Investment News Department" or on subsequent page of this issue.
Santa Catharina (Brazil) Modifies Plan of Payment to
Holders of 8% External Sinking Fund Bonds—
Arrears of Interest to Be Liquidated in 1933.
Under date of May 1 Halsey, Stuart & Co., Inc., issued
the following notice to the holders of the State of Santa
Catharina (Brazil) 8% external sinking fund gold bonds,
MAY 12 1928.]
FINANCIAL CHRONICLE
2903
$5,000,000 of which were floated in June 1922, reference Bill Permitting Massachusetts Trust Companies to
thereto having appeared in our issue of June 24 1922, p.2775:
Maintain Branches Signed by Gov. Fuller.
The State of Santa.Catharine has advised us, as fiscal agents of the State
Governor Fuller on May 4 signed the general branch
of Santa Catharine 8% external sinking fund gold bonds, that it will be
impossible for the State to continue to make payments in accrodance with trust company bill, according to the Boston "Transcript"
the plan submitted to bondholders under date of October 30 1925. The which says:
State therefore desires to modify the terms of the above plan and has informed us that it will remit in each year the amounts specified below, and
that monthly remittances will be made of all funds available for each semiannual installment: 1928. $400,000; 1929, $450,000; 1930, $500,000; 1931,
$500.000; 1932, $500,000; 1933. $500,000.
By the above schedule of payments, arrears of interest are to be liquidated in August 1933.
The State has also advised that commencing in 1934 the normal sinking
fund service of the loan will be met.
No interest on interest in arrears is to be paid.
We have received from the State the first installment of $200,000 for the
year 1928, of which $150,000 is available for the payment of Coupon No. 10
and $50,000 has been applied to the liquidation of certain indebtedness of
the State for arrears in interest. It is expected that sufficient funds will be
received to make full payment of Coupon No. 10 on August 1 next and that
in accordance with the schedule of payments above, coupons will be paid
regularly thereafter.
We feel that the State is in a position to meet punctually the payments
above outlined, which will assure the continued payment of interest.
J. & W. Seligman Retire $65,500 Costa Rica Bonds.
$65,500 principal amount Republic of Costa Rica external
secured sinking fund 7% gold bonds due Nov. 1 1951 have
been retired for the sinking fund through purchases made in
the open market, according to an announcement by J. & W.
Seligman & Co., Fiscal Agents for the issue. The principal
amount of these bonds now outstanding is $7,810,500.
Under the measure, subject to approval of the State Board of Bank
Incorporation, a trust company in the municipality where its main office is
located may establish one branch if the population is less than 50,000; two
branches in cities of 50,000 to 100,000; with no limit on the number in cities
of more than 100,000 population.
This bill places the trust companies on an equal footing with national
banks with regard to branches and has been the subject of a long controversy in the Legislature.
Committee Named by Los Angeles Chamber of Commerce to Investigate Operation of Investment
Trusts—Rules of California Corporation Commission Effective April 17.
Frank C. Mortimer, Vice-President of the Citizens National Trust & Savings Bank, of Los Angeles, has been appointed Chairman of a committee of the Los Angeles Chamber of Commerce to investigate the operation of investment
trusts. Other members of the committee are Orra E.
Monnette, Bank of Italy National Trust & Savings Association; J. A. Benell, industrial engineer, and W. L. Brent,
President, East Side Organization. In commenting on the
subject Mr. Mortimer said:
Investment trusts are fairly new in this country, although they have
been in operation in Great Britain and some other countries for many
years. The frequency with which they are being organized and the various
plans employed, carry a certain freedom of action. This calls for a careful
survey of the situation, in the opinion of the executives of the Chamber of
Commerce. The State Corporation Commissioner has recently issued
regulations covering the conduct of investment trusts in this State, and
other States are considering regulation by legislation.
These investment trusts are taking various forms—some are highly
organized and highly efficient in carrying out their purposes, but others are
being fostered by men of limited financial experience and it is the purpose of
our committee to Inquire into the whole situation and make such recommen.
dations as may be fitting.
Portion of Republic of Columbia 7% Gold Bonds
Retired.
Hallgarten & Co. have retired for the sinking fund $33,000
principal amount of Municipality of Medellin, Republic of
Columbia, twenty-five year external 7% secured gold bonds
of 1926, due 1951, out of money received from the Municipality, leaving outstanding $2,902,000 principal amount of
New rules governing trusts operating in California, superbonds.
seding the original rules that became effective on March 13
1928, were authorized by J. M. Friedlander, Commissioner
Bonds of Municipality of Porto Alegre Drawn For
of Corporations, effective April 17.
Redemption.
The new rules, according to Assistant Commissioner H.A.
Ladenburg, Thalmann & Co., fiscal agents for the Munici- I. Wolch, constitute the first constructive regulations to be
pality of Porto Alegre have drawn $10,000 principal amount promulgated by any State in the Union, the California Comof City of Porto Alegre forty-year 8% sinking fund gold mission having regulatory powers sufficient for the purpose
bonds, external loan of 1921, for redemption on June 1 1928, without any necessity for encountering legislative delays
1928, at 105% and accrued interest.
that have held back similar efforts elsewhere. In discussing
the new rules, Mr. Wolch said: "If we are unreasonably
Part of Department of Cundinamarca Bond Issue convinced, after a fair trial, that these rules prove impracRetired.
ticable and fail to meet the ends of legitimate business in
Kissel, Kinnicutt & Co., and Hallgarten & Co., have re- California the Department will immediately revise and modtired for the sinking fund $41,000 principal amount of De- ify them." The new rules, effective April 17, follow:
partment of Cundinamarca, twenty-year external 7% sink1—Qualification as to Character.
ing fund gold bonds, series A, due 1946, out of money
A reasonable showing consisting of satisfactory evidence that the men
received from the Department, leaving outstanding $2,878,- proposing to engage in the investment trust business, or in any way connected therewith in a discretionary capacity, shall be made to the effect
000 principal amount of bonds.
Guaranty Trust Co. Appointed Paying Agent For
Kingdom of Denmark Bonds.
Guaranty Trust Company of New York has been appointed paying agent under contract dated April 4 1928,
providing for the issuance of $55,000,000 principal amount
Kingdom of Denmark 34-Year 43 % External Loan Gold
Bonds, duo April 15 1962.
Consolidation of Pacific Coast Joint Stock Land Bank
of Los Angeles and Pacific Coast Joint Stock Land
Bank of San Francisco.
A consolidation has been arranged of the Pacific Coast
Joint Stock Land Bank of Los Angeles and the Pacific Coast
Joint Stock Land Bank through the purchase by the latter
of the assets of and the assumption of the indebtedness of
the Los Angeles institution. The latter will be placed in
voluntary liquidation. With stock ownership, nature of
business transacted and principal territory served being
practically identical, the notice of the plans states it is
practicable to operate the combined business from one
principal place of business, and that substantial economies
will result from a consolidation of the banks. It is stated
that there will be no change in management. The Pacific
Coast Joint Stock Land Bank of Los Angeles is under the
presidency of J. F. Sartori and Chas. Parker is secretary.
The President and secretary of the Pacific Coast Joint Stock
Land Bank of San Francisco are John S. Drum, Edward
Johnson, respectively.
that they are persons of integrity, of good character and reputation, and of
sound financial responsibility.
In the event of any change in the directorate, official and managerial or
discretionary personnnel, a similar showing shall be made to the Department concerning their successors in office.
2—Qualification as to Competency.
A detailed history of the antecedents, education, training and experience
of the promoters, officers, directors, managers and those others who have
direction, charge, control and supervision of the trust and (or) business.
which would reasonably warrant the findings of a careful and prudent person that the individuals contemplating engaging in the investment trust
business, or those connected with the management thereof in any diecredtionary capacity, are sufficiently competent and qualified to engage
therein.
Should any chnage, substitution, addition or elimination of the officers,
directors, managers or other persons herein contemplated be made, all successors in office and in interest shall qualify in the same manner and to the
same extent as their predecessors in the first instance.
3—Description of lethod of Operation.
A full, complete and detailed statement of the plan, scheme or method
proposed to be resorted to in connection with the operation of the Investment trust business shall be submitted to the Department. This statement shall describe the manner and basis upon which the management will
determine to buy and (or) sell, or to invest and (or) reinvest its capital.
If the management relies upon a financial agency or research bureau
other than that maintained, directed and supervised by its own organizethan for the purpose of furnishing it with such data and information upoa
which to base an opinion to buy and (or) sell and invest and (or) reinvest,
then it shall provide the Corporation Department with sufficient evidence
to show that such agency furnishing such data and information Is properly
qualll'ied and equipped so to do. both from the standpoint of hategrity arid
competency.
Should such agency be changed at any time, its successor shall qualify
with the State Corporation Department in the same manner as its prede.
COMM.
4—Scope of Business.
The scope of business of an investment trust shall be unlimited and an.
restricted to as large a diversification as possible, and spread over the treat.
cut number of securities Of sound, stable and standard marketability,
2904
FINANCIAL CHRONICLE
An investment trust shall by express provision be
precluded from engaging in promoting any enterprise or engaging in any
brokerage business.
but shall confine itself to the primary object of the business.
5—Kind of Securities Dealt In.
• The funds of an investment trust shall be confined
exclusively to the investing and (or) reinvesting in such sound and seasoned
securities that are
at all times marketable or of such marketability so that
they will continue
to be liquid at all times during the period of the business
of the investment
trust.
6—Prohibition of Officers Dealing with Trust.
The officers, directors, trustees and (or) manager of an
investment trust
shall not deal with themselves or companies in which
they are principals.
in the investment of its funds, nor shall they profit, directly
or indirectly,
by virtue of deallng with the trust.
7—Amount of Paid Up Capital Necessary.
A good and sufficient showing shall be made that those who are initiating
the business of an investment trust shall have subscribed
and paid in an
aggregate amount equal to not less than 20% of the initial paid in
capital.
Further, it shall appear that the trust is in an amount of sufficient
magnitude. all things being equal, that would warrant a reasonable finding
that
it will not operate at a loss.
8—No Promotion.
No stock or other securities shall be issued or allowed, or money paid as
compensation for promotion or for property of intangible or uncertain
or
doubtful or speculative character or value.
9—Salaries.
Any and all salaries paid to officers, directors or managers shall be
reasonable in amount and commensurate with their duties and responsibilities
in connection with the investment trust business.
10—Limitation of Commission.
No commission or discount for the sale of stock in an investment trust
or for the sale of certificates evidencing the beneficial interests in an investment trust shall be in excess of 10% •
Any expense, commission or discount incurred in the sale of such securities shall be written off the books out of the profits over such reasonable
period of time as is consistent with sound accounting practice and as recommended by a certified public accountant of approved standing.
11—Five Per Cent Diversification.
None of the funds of an investment trust in excess of 5% thereof shall be
invested in the securities of any one corporation or in a single business enterprise.
g
12—Securities Dealt in Must Have Earning!Record.
The funds of an investment trust should not be invested In the securities
of any corporation unless the business carried on by the corporation has
been in successful operation for at least three years, save and except, however, where and when good cause exists that the application of this provision will prove injurious to the operation of the investment trust, then
only to the extent of not more than 20% of its resources the investment
trust may invest in securities of more recently organized companies.
13—Limit on Unsecured Indebtedness.
An investment trust shall not create any temporary indebtedness in excess of 50% of its current assets, inclusive of the free and unpledged securities carried at their fair market value, nor shall any such indebtedness,
Inclusive of any extension, be made for a longer period than is consistent
with good business.
14—Financial Statement.
A company engaged In business as an investment trust shall submit
to
this Depa 1:ment semi-annuully, certified financial reports showing the
assets and liabilities, including therein all contingent liabilities, and a detailed profit and loss statement for the period.
Such financial report shall be compiled by an independent certified public accountant in public practice and a copy sent to the share or certificate
holders of the trust. The said financial statement shall also show whether
the securities owned are carried at cost or market price.
15--Dissemination of List.
Every trust or company engaged in the business of an investment trust
shall semi-annually transmit and submit to its stockholders or holders of
certificates of beneficial interest, a list of all the securities owned and
dealt
In by it during that period, a copy thereof to be fled with this Departme
nt.
16—Literature.
r Literature of all kinds and descriptions circulated and disseminated by
those engaged in the investment trust business shall clearly and accurately
describe the character and nature of the business and the securities offered,
17—Market Manipulation.
Those engaged in an investment trust business shall not buy on margin or
participat
short
e in any manner in blind pools and unfair market
or
sell
manipulations.
18—Surplus—Reserve.
The trust, or those engaged in the business of an investment trust, shall
be required to maintain an accumulated surplus or reserve before declaring
any dividends. The trust, or those engaged in the business, shall set aside,
before declaring a dividend, 10% of the profits of the period covered by the
dividends, or a reserve for contingencies until such reserve shall amount
to 25% of the paid up capital stock or in the case of common-law trusts,
25% of the trust, unless the accumulation of such surplus, by the express
provision of law, would cause to invoke a penalty.
[VOL. 126.
monstrate that it has the will and the skill to control the
machine it has created."
Closer cooperation on the part of business, labor, agriculture and finance to accomplish this purpose was predicted
by Mr. Pierson. He added:
The day, I think, is not far distant when
organized business, organized
labor and a comprehending government will
unite for intelligent teamwork
that alone can solve our newer problems.
Teamwork that will lift the fear
of unemployment and suffering from the
minds of those who toil. Teamwork that will permit the wheels of industry
to turn with increasing effectiveness, to bring more and more of the
comforts and even the luxuries of life
to all who contribute to the productiv
e power of America. Teamwork that
will remove the threat of an unused
surplus from the nation that has
staked its economic life on the doctrine
of increasing production.
No nation since the world began has
altered its social and economic
structure so completely and rapidly as the
United States during the past
quarter century. We have changed from
a nation that was preponderatingly agricultural to a nation whose major
attention is now directed to
Industry. We have changed from a debtor
to a creditor nation. We have
changed from a nation intent upon internal
development to a nation that
finds itself concerned with the progress of
the world at large.
We know that we are headed in the
right direction. Yet all of us, I
think, are conscious that this new alignment
of the forces of industry
creates new problems and imposes new
responsibilities which must be met
and solved by those who have been called to
business leadership.
Touching upon the problem of unemployment
and the
difficulties of agriculture, Mr. Pierson continued:
The more we consider the growing productiv
eness of the United States,
the more we reflect upon the problems that
have arisen in our industries—
and on our farms as well—the more definitely
we become convinced that
our difficulties come not so much from the
growth of our productive capacity, as from our failure to provide proper
teamplay among the forces of
production.
Industry and agriculture have both reached
the point in their development where the individual must think in
terms of his relationship to the
broad sweep of world competition. No man
and no organization is strong
enough to go blindly forward without regard
to what the rest of the world
Is doing.
Appellate Division of Supreme Court
Holds Charles A.
Stoneham Liable in Brokerage Losses.
Charles A. Stoneham, principal owner
of the New York
National League Baseball Club (New York
"Giants"), and
his partner and brother-in-law, Ross
F. Robertson, in the
former brokerage firm of C. A. Stoneha
m & Co. of this
city, must pay judgments for $4,960 and
$3,206 obtained by
former clients of the firm for the conversi
on of their securities, under a decision by the Appellat
e Division of the
Supreme Court handed down on April
27, according to the
New York "Times" of April 28, which,
continuing, said:
The suits were based on
the transfer by the Stoneham
firm of accounts containing the securities of
customers to the firm of E. H.
Clarke & Co., which later became insolvent
and caused losses to the former Stoneham customers. The suits before
the Appellate Division were
orought by Dr. John Duncan, a physician,
and Robert Harford, an upholsterer, both of Toronto, who had dealt
with the Toronto branch of
the Stoneham firm. The larger judgment
was in favor of Dr. Duncan.
Francis L. Kohlmann of Kohlmann & Austrian,
attorneys for many of
the Stoneham customers whose accounts
were transferred without their
consent to E. H. Clarke & Co., said last
night that under the principle
of liability laid down by the Appellate
Division, Stoneham and Robertson may be held responsible for as much
as $1,100,000.
An opinion by the entire Court affirming
the Harford judgment said:
"While there are undoubtedly errors in the
record they are not sufficiently substantial to affect the result and
therefore must be disregarded under the Civil Practice act, Section
106, especially when considered in connection with the whole record,
which shows clearly a bold
and deliberate conspiracy fraudulently to
convert on a large scale. A
new trial would, In our opinion, reach
the same result."
The opinion in the Duncan case read:
"When this action is viewed in the light
of a conspiracy to defraud
(of which there was ample evidence to sustain
the finding of the jury),
resulting in transferring the obligation
to the bankrupt, and leaving
the assets with the appellant (C. A. Stoneham
& Co.), the alleged errors
largely disappear."
The other customers' suits will be tried
in due time unless a
settlement is made by the defendants.
M. Boyd Zinman, Suspended a Year
Ago from New
York Stock Exchange, Reinstated.
M. Boyd Zinman, who on April 28
1927 was suspend
ed
from membership in the New York Stock
period of one year, has again resumed his Exchange for a
duties on the floor
Lewis E.- Pierson Before United States Chamber of of the Exchange, according to the New York "Times" of
May
1.
Reinstatement under such circumstances
Commerce Urges Adequate Control of Increasing
is automatic, it was said. Mr. Zinman's
Production.
suspension from the
Exchang
e
was
reported
in the "Chronicle" of April 30 1927,
Adequate control of the economic thunderbolt of increasing production unloosed by industry was put forward by page 2535.
Lewis E. Pierson, President of the Chamber of Commerce
of the United States, as the overshadowing problem of First Veterans' State Bank to Be Formed in Minnesota
to Make Loans to World War
business, in an address at the annual dinner of the organizaVeterans.
The Minneapolis "Journal" announced
tion in Washington, May 10. "The Nation," he said,
on April 26 that
"which has won its way to industrial leadership by the stimu- a charter has been granted for the organiza
tion
lation of production and which has enlisted the aid of science First Veterans State Bank, first of its kind in the of the
United
States.
and invention to perfect the efficiency of its industrial
The incorporators are five officers of
the Merprocesses, has a new task before it. It must prove that chants National Bank and the Merchants Trust
Company
production is its servant and not its master. It must de- of St. Paul. The item in the paper quoted says:
V
MAY 12 1928.]
FINANCIAL CHRONICLE
The bank, which is capitalized at $80,000 with a $20,000 surplus, will
accommodate World War veterans holding adjusted compensation certificates. The Merchants National Bank has already lent more than $10,500,000 on adjusted certificates since January 1927.
"The loan value of the adjusted service certificate increases 33 1-3%
every year, and to handle these loans in the future we are organizing
the new bank," George H. Price, Chairman of the Merchants National,
said to-day.
"It is not the intention that this bank shall do general tanking business or take deposits, but it will sell its certificates of deposit secured by
loans on the adjusted certificates."
American Rice Export Corporation Seeks Incorporporation Under Webb Act.
The American Rice Export Corporation has filed papers
under the Export Trade Act (Webb-Pomerene law) with the
Federal Trade Commission, for exporting rice and rice byproducts. The company will maintain offices at Crowley
and Lake Charles, La., according to an announcement
by the commission on May 5, which stated:
Officers of the association are: A. Kaplan, President; L. M. Simon,
Vice-President and General Manager; E. R. Kaufman, A. H. Hoyt and
D. C. Ritchie, Vice-Presidents: H. G. Chalkely, Treasurer; R. Leake,
Assistant Treasurer; Jas. W. Gardiner, Secretary: and Edgar Miller, Assistant Secretary. Members are: A. Kaplan, Crowley, La.; Prairie Land
and Canal Co., Inc., Lake Charles, La.; Gardiner Plantation Co., Inc.,
Lake Charles, La.; Southwest Louisiana Farm Mortgage Co., Inc., Lake
Charles, La.; Sweetlake Land and Oil CO., Inc., Lake Charles, La.: Farmers
Land and Canal Co.. Inc., Lake Charles, La.; Sabine Canal Co., Lake
Charles, La.; M.P.Erwin,Lake Charles, La.; Geo. M.King, Lake Charles,
La.; Louisiana Irrigation and Mill Co., Crowley, La.; Houston River Canal
Co., Lake Charles, La.; A. Hollins, Lake Charles, La.; Lacassine Irrigation
Co., Jennings,La.; 0.3.Todd, Beaumont,Tex.;and A.H.Boyt,Beaumont,
Tex.
The Export Trade Act grants exemption from the anti-trust laws to an
association entered into and solely engaged in export trade, with the provision that there be no restraint of trade within the United States, or restraint of the export trade of any domestic competitor, and with the further
prohibition of any agreement, understanding, conspiracy or act which shall
enhance or depress prices or substantially lessen competition within the
United States or otherwise restrain trade therein.
E. V. D. Cox Resigns as Secretary of New York Stock
Exchange—Ashbel Green Named as His Successor.
Ashbel Green, for many years Vice-President and Director
of the New York Quotation Co. and an Assistant Secretary of
the New York Stock Exchange, has been appointed Secretary
of the Exchange to succeed E. V. D.Cox,who has retired after
nine years of continuous service. The appointment was
made May 9 by the Governing Committee. Mr. Green,
who is but the ninth man to be selected for the secretaryship
in the 111 years that the Stock Exchange has been an indoors
securities market, has for several years been in charge of the
ticker and quotation service of the Exchange and was one
of the leading figures a few years ago in the fight which resulted in the destruction of large chains of bucketshops in
New York State and Pennsylvania. The new secretary has
been connected with the New York Stock Exchange for fifteen years. In 1913 the Exchange was making an investigation of the bucketshop evil and Mr. Green, who was familiar with the ways of the bucketshops as a result of his several
years as manager of the private leased wire service of the
American Telephone & Telegraph Co., was engaged to make
a survey of the situation in Buffalo. He was successful in
cleaning up the ring in that city and subsequently secured
evidence which routed the same evil from Pittsburgh. After
graduating from Yale in 1891, Mr. Green was employed for
three years in the operating department of the West Shore
RR.,from which post he resigned to take charge of the leased
wire service of the American Telephone & Telegraph Co.
A few years later he became a partner in the export house of
Motley, Green & Co. The new secretary became permanently attached to the Stock Exchange organization on Oct.
1 1914. During the war he was a Lieutenant in the United
States Naval Reserve Force attached to the New York branch
of the Naval Intelligence Department, and subsequently was
commissioned a Lieutenant Commander by the President.
American Soft Wheat Millers Export Corporation
Formed Under Webb Law.
The American Soft Wheat Millers Export Corporation
some months ago filed papers under the Export Trade Act
(Webb-Pomerene law) with the Federal Trade Commission,
for the purpose of exporting flour. It was stated that the
corporation would maintain offices at 3261 K Street, Washington, D. C., in Hagerstown, Md., and in New York City.
The officers of the association are: Samuel H. Rogers,
President; S. F. Sensenig, Vice-President: E. H. Libbey,
Secretary; and Augustus R. Selby, Treasurer. Members
at the time of the filing of the incorporation were announced
as follows:
Wilkins-Rogers Milling Co., Washington, D. C.
Wm. D. Barnitz, Carlisle, Pa.
W. B. Beam. Camp Hill, Pa.
City Flouring Mills, Muncy, Pa.
Felix & Lindsay, Newville, Pa.
Franklin Milling Co., Middleburg. Pa.
Frey Brothers, Salunga, Pa.
Hefty Milling Co., Watsontown, Pa.
B. F. Heishman, Carlisle, Pa.
S. W. Hershey Flouring Mills, York, Pa.
A. S. Hess & Son, Kinzers, Pa.
W. A. Hoffman, Chadds Ford, Pa.
H. S. Hunsecker, Willow Street, Pa.
Huntington Milling Co., Huntington, Pa.
Lakeview Milling Co.. Chambersburg, Pa.
Lancaster Milling Co., Lancaster, Pa.
J. L. Pennock & Co., Avondale. Pa.
Pottstown Roller Mills, Pottstown, Pa.
Ross H. Rohrer, Quarryville, Pa.
Sees Milling Co., Williamsport, Pa.
Tyrone Milling Co., Tyrone, Pa.
H. R. Wentzel, Landisburg, Pa.
Bowman Brothers, Gaithersburg, Md.
The Derwood Mill, Derwood, Md.
A. W.Ecker & Son, Thurmont, Md.
'Felton & Kelly, Frederick, Md.
Hickerson Brothers, Rockville, Md.
Kline Brothers, Boonsboro, Md.
Liberty Milling Co., Germantown, Md.
C. E. Routzahn, 13reathedsville, Md.
Summit Milling Co., Gaithersburg, Md.
Round Hill Milling Co., Round Hill, Va.
Jefferson Milling Co., Charles Town, W. Va,
Northwest Dried Fruit Export Association Formed
Under Webb Act.
The Northwest Dried Fruit Export Association, 400
Security Building, Portland, Ore., filed papers under the
Export Trade Act (Webb-Pomerene law) with the Federal
Trade Commission, for the purpose of exporting dried
fruits. The Commission, in its announcement, stated that
the officers of the association are: W. T. Jenks, President;
R. C. Paulus, Vice-President; and F. W. Arise, Secretary
and Treasurer.
2905
Employees of New York Stock Exchange Number 1,350.
It requires more than 1,350 employees to operate the
New York Stock Exchange in these days of 4,000,000 share
markets. This number of employees, according to the
annual report of the Personnel Department of the Exchange,
which was presented to members May 10, is required to
provide the facilities for the daily transfer of negotiable
securities, the operation of a 23-story building, the clearances
of both money and stock certificates balances between
Exchange members, the reporting of sales prices as they
take place during the day, and the safeguarding of millions
of dollars of securities in safe deposit vaults. This figure
is only a small percentage of the total number of individuals
employed in the Wall Street district, by members of the
Exchange, investment banking houses, and commercial and
private bankers. More than 100 employees of the Exchange
have been with the institution for more than 25 years, the
report reveals, while 322 of them have been with the Exchange more than 10 years. Six employees have completed
more than a half century of service. During the past year
more than 15,000 persons applied for positions with the
Exchange. In addition to placing applicants with the
Exchange, the Personnel Department of the institution
was able to place 673 applicants in brokerage offices and
131 persons were referred to and secured positions outside
the brokerage field.
Bond Quotations on New York Curb Market Printed
in Abbreviated Form.
Bond quotations on the Curb Exchange ticker are printed
in an abbreviated form, similar to the system employed in
printing stock quotations, beginning May 8. This was
decided by the Committee on Arrangements which met
May 7 to discuss bringing the ticker up to the market. All
intitial sales are printed in full but subsequent transactions
carry only the last figure and fraction if any.
Amendment to New York Curb Market Under Which
Heirs of Deceased Member Will Be Paid $10,000
Out of Gratuity Fund.
The Board of Governors of the New York Curb Exchange
have approved an amendment to the Constitution which
deals with the Gratuity Fund whereby upon the death of a
regular member the sum of $10,000 shall be paid to his heirs.
Heretofore, the sum of $5,000 was distributed. The Gratuity Fund of the Curb Exchange was established for the
purpose of providing a method, through the medium of
FINANCIAL CHRONICLE
[\Pot. 126
voluntary contributions by members, whereby the surviving
family of a deceased member might receive financial assistance.
actually lees than the gross value of our dairy and poultry products?
To
be sure, almost $3,000 nilllon Is added to the value of the
raw iron and
steel by manufacturing processes, but nevertheless the actual value
of the
raw material is as I have just stated. There are produced in
this country
a total of over 2,000 million pounds of butter a year having a
value of
No Trading on New York Stock Exchange To-day- roughly
$800,000,000. There are usually about two billion dozen eggs
-Members' Offices to Remain Open—Other Ex- produced in this country each year having a value of almost $600,000,000.
The annual value of the production of butter and eggs amounts
changes Closed.
roughly to
$1,400 million. Of the gross value of all farm products these two
comThe intention of the New York Stock Exchange to again modities represent about one-twelfth.
There Is a tendency to use less and lass meat and more dairy
permit members to avail of an opportunity to dispose of This
products.
practice
undoubtedly continue in the future. In time cheese will
accumulated work incident to the recent large volume of be consumed will
in larger quantities and may take the place of meat to
a
trading, was announced on May 9, when the decision to greater extent, as has long been the case in Europe.
The average annual
in Chicago of creamery butter during the period 1921
suspend trading to-day (May 12) was reached. The an- receipts
to 1925 were
189,302,000 pounds, being second only to New York where
the average
nouncement follows:
annual receipts in the same period were 201,198,000
pounds. The banner
year in Chicago was 1924 when the receipts of creamery
NEW YORK STOCK EXCHANGE.
butter amounted to
213,349,000 pounds while that same year New York received
Committee of Arrangements.
only 211,274,000 pounds. It is clear, therefore, that Chicago is practically
May 9 1928.
holding its
own with New York and in fact more recent years show
To the Members of the Exchange:
some tendency for
The Governing Committee. at a meeting held to-day, adopted the Chicago to out-distance New York as a butter market. No other city
begins to compare in the amount of butter received
following:
with New York and
Resolved, That the Exchange be not opened for trading on Saturday, Chicago.
As an egg market Chicago again is second only to
May 12 1928.
New York. The
And be it further Resolved. That the offices of members and of the Ex- average annual receipts during the period 1921 to 1925 in the five principal
change remain open for the transaction of their regular office businees on markets amounted to 15,733,000 cases of eggs. Of this total, the
average
annual receipt in New York was 6,799,000 cases and in
that day.
Chicago 4,605,000
The Committee of Arrangements requests that it be promptly informed cases, so that these two cities account for practically two-thirds of
the
of any members whose offices are not open in compliance with the second total egg shipments to the principal markets of the country. Eggs are a
paragraph of the above resolution, and it will take inunediate action in the commodity of the greatest importance in international trade, even
than butter. With the growing importance of this country New more so
matter.
York has
Specialists must be at their offices or see that their clerks have sufficient become one of the most influential egg markets in the world,second only to
London. This is also in part due to the fact that the
information avallable for answering inquiries as to trades.
production of this
industry in this country exceeds that of any other country. In
By order of the
the sense of
market as being an exchange in which dealings in butter and
COMMITTEE OF ARRANGEMENTS.
eggs take
place, Chicago is not only first, but stands almost alone.
In addition to the Saturday following Good Friday, the
The importance of dealing in futures and the "hedging" which
dealing in
Exchange was closed Apr. 21 and May 5. The New York futures makes possible is of vital importance. This phase has been disa number of times but there is so much misunderstanding
among the
Curb Market will also close to-day, as will likewise the cussed
public regarding it that it will do no harm to point out its good
to the comPhiladelphia, Chicago, Pittsburgh, Cleveland, 'Los An- munity once more. The dealers in butter and
eggs, just as flour millers and
cash grain houses, operate with comparatively small capital in
geles and San Francisco Stock Exchanges.
proportion
to the volume of their business. All of these enterprises are
conducted
with a very narrow margin of profit and large quantities are
purchased and
Organization of Chicago Curb Exchange Association. surplus production is readily absorbed by the market. The
surplus is
easily warehoused and Is sold to grocers and other distributing
agents in
Organization of the Chicago Curb Exchange Association accordance
with their requirements from time to time. The result is
has been perfected with the election of Adolph Kempner, the producer of butter and eggs finds at all times an immediate marketthat
for
his product.
President; Joseph J. Rice, of Lawrence Stern tk Co., VicePresident; Charles V. Essroger, First Vice-President of the
First National Bank of Chicago as Treasurer, and Auguste
C. Babize as Secretary. Standing committees have all been
appointed and have begun operating. The membership of
the Committees follow:
The Finance Committee Is composed of Charles V. Essroger, Chairman,
Benjamin R. Brown, Robert W. Buckley, Charles P. Randall, William E.
Hudson.
Committee on Commissions—Francis L. Schreiner, Chairman, James W.
• McCulloh, Raymond A. Gerstemberg, George F. Diehl, M. L. Vehon.
Committee on Membership—F.S. Lewis, Chairman. James A. Cavaney,
John J. Bittel, E.P. McKamm,Henry A. Rumsey.
Committee on Listing—Adolph Kempner, Chairman, Auguste C. Babize,
Luther S. Dickey, John J. Bittel, Earl G. Bergh.
Committee on Securities—Joseph J. Rice, Chairman. Charles V. Essroger, Stephen J. Miniter, Daniel F. Rice, Thomas J. Sullivan.
Committee on Business Conduet—John J. Stream, Chairman, Royal W.
Bell, Luther S. Dickey, Eben D. Norton, George A. Koehl.
Committee on Arbitration—Joseph J. Rice, Chairman, Frank J. Bittel.
Emile J. Garneau, Joseph B. Morton, Frederick W. Haines.
Law Committee—U. S. Schwartz. Chairman, Peter. B. Carey, Slebel 0.
Harris, Richard Uhlmann, Thomas T. Hoyne.
Committee on By-laws—Herbert J. Blum, Chairman, Wm. J. Springer,
Guy E. Warren, Ralph Kempner. Adolph Werner.
Committee on Arrangemente—F. S. Lewis, Chairman, Benjamin R.
Brown, E. P. McKenna, Raymond F. Smith, Frank E. McDonald.
Committee on Quotations—Edwin J. Huh, Jr., Chairman, Wm. Purdy
Anderson, Philip A. Copenhaver,WllllamE. Isbister, James A.Creighton.
Committee on Clearing House—Francis L. Schreiner, Chairman, James
A. Cavaney, Waiter A. Mooney, Frank J. Bittel, John G. McCarthy.
On the first floor of the Board of Trade, the space formerly occupied by
Logan & Bryan, approximating 2,100 square feet, has been leased and will
form the temporary trading floor of the Curb Exchange Association of
Chicago. Actual trading is expected to be under way at an early date.
The Committee on Listings, of which President Adolph Kempner is Chairman,has had a number of applications already, both from Chicago corporations and from out of town companies. On the trading floor, arrangements
have been made to install wire and telephone facilities. Originally the membership was fixed at 100. In view however of the number of unsolicited
applications received the limit of 100 has been raised to 150. This week,
144 bankers, brokers, and dealers in securities had been admitted to membership and a waiting list was still awaiting action by the Board of Governors.
On the other hand, the dealer in butter and eggs buying
much larger
quantities than they require for their immediate purposes are compelled to
borrow money out of all proportion to the amount of capital which
they
have invested in their business. These loans are sometimes
secured by
warehouse receipts, but as the price of butter and eggs may
decline very
sharply and suddenly, the conservative banker cannot depend
entirely
upon the commodities as security but must insist that the borrower
hedge
his purchases through the selling of futures on your exchange, thus
insuring
both the borrower and the banker against severe fluctuations in the
value of
the commodity in question.
If legislation ever should be enacted which would prevent these operations in the future, we should be compelled to curtail sharply credits
extended, whether It is to butter and egg men or to millers and grain men,
to
an amount which we believe Is justified by the capital which these
have
actually invested in their business.
It need hardly be pointed out then that the result of such
legislation
would be especially disastrous to farmers. Any future dealers in
butter
and eggs would be in a position to purchase only an amount of these
goods
for which they would have a specific use. The farmer might,
therefore,
often have difficulty in finding a market for his product and
instead of
prices being stabilized, fluctuations would be more severe than
ever. In
general, it must be remembered that the easier it is to trade in a
commodity
the easier it is to transfer liabilities and risks, and the less
insurance Is
needed to cover these liabilities and risks. Insurance, however, must
be
covered by the profit which the business man must got out of his
business
in order to survive; therefore, the smaller the insurance
required, the
lower the margin of profit on which the business man can do
business.
Your Mercantile Exchange provides easy trading for butter and
eggs:
the transactions result in a daily range of prices at which butter and eggs
may be disposed of. This trading, combined with keen competition
is
sure to result in narrow margins of possible profit.
The elimination of market risks has had an important share in
reducing
the difference between the price paid to the farmer and the price paid
by
the ultimate consumer. Both in merchandising and in manufacturing,
the growth of large-scale transactions, though it hsa increased the
gains of
those individuals who have the ability to carry on large operations,
has
lessened the margin between the buying price and the selling price,
and so
has operated to lower prices for the consuming public.
U. S. Steel Paid Gary $225,000 Plus Bonus, About
$400,000 a Year.
An item, as follows, appeared in the New York "World,"
of April 11:
The salary of the late Elbert H. Gary as Chairman and chief
executive
officer of the United States Steel Corp.—long a subject of curiosity in
Remarks of Melvin A. Traylor at Opening of Mercantile Wall Street—was $225,000 a year. In addition, his income
was swelled
Chicago—Gro
Value
of
Farm
ss
Produc- by a bonus arrangement.
Exchange of
remuneration
amount
The
has
of
been
his
brought to light during the
tion 16 Billion Annually.
slow process of appraising and settling his estate. It has been generally
In an address delivered by Melvin A Traylor, President understood that bonus payments,varying in accordance with the profits of
corporation, have in most recent years brought his return to approxiof the First National Bank of Chicago, at the formal opening the
mately $400,000.
of the Mercantile Exchange of Chicago, on April 25, he observed that the gross value of all farm production in recent Provision in Georgia Bank Act for Enforcement
of
years has amounted to roughly $16,000 million annually.
Stockholders' Liability Upheld by United States
Of this, he said, "dairy and poultry products amounted to
Supreme Court.
somewhat over one-fourth, or let us say—$4,000 million anFrom
the Atlanta "Constitution" of May 1 we take the
nually." Mr. Traylor further stated:
We generally regard our iron and steel industry as perhaps the key following:
Industry of our country. Do you realize that the annual value of the raw
material of the iron and steel industry amounts to only $3,734 million, or
The Supreme Court of the United States Monday upheld the constitutionality of that section of the State banking law of Georgia authorizing
MAY 12 1928.]
FINANCIAL CHRONICLE
the State Superintendent of Banks to attach property of stockholders of a
bankrupt bank by lien to enforce their liability as stockholders, according
to news dispatches received from Washington Monday. The decision was
rendered in the suit of Coffin Brothers and others to prevent the Superintendent of Banks from levying on their property to enforce their liability.
This suit developed out of the failure of Richland State Bank of Richland, Ga.
In the case, which was appealed from the Georgia Supreme Court, attorneys for the Coffin Brothers attacked particularly that section of the law
which gives the Superintendent of Banks the authority to attach property
by lien, preventing its subsequent sale or encumbrance. They contended
that such power is vested in the courts alone.
Other sections of the State banking law are not involved in this case,
although some sections have been attacked in litigation now pending before
the State Appellate Courts.
2907
for this data will be secured In the future, so that eventually each important central bank may publish in periodical form data similar to that
appearing in our own Federal Reserve bulletin. At present such data is
generally considered crucially confidential by most European central
banking institutions. •
Most of the sessions of the central bank economists were closed, but it is
known here that questions of policy were for the most part left alone, the
discussion generally dealing with the gathering and presentation of data
rather than its ultimate interpretation. However, opportunity was
presented for private discussion among a number of the delegates of all
questions of a financial nature bearing on the international situation,
and the exchange of ideas which took place is expected to further a cooperative policy among the central banks.
Following the conference the American delegates visited the central
banks of Germany and England, at which they were able to begin immediately a study of the needs of these banks for data from this country as
well as to aid in making data that will hereafter be exchanged by these
banks more uniform. Dr. Burgess is expected back here by the end of
the present week.
Nebraska Guaranty Fund Held Liable for Deposit in
Failed Bank.
The following Lincoln advices (Associated Press) April 28
We also find the following bearing on the conference in
appeared in the Omaha "Bee":
the London "Economist" of April 14:
liable
The State Supreme Court Friday held the State Guaranty Fund
for the full amount of a $10,000 deposit placed in the State Bank of Chadron
by the Treasurer of the Brotherhood of Shop Laborers of the Northwestern
RR., prior to the bank's failure.
The receiver resisted the full claim on the ground that only half that
amount was actually deposited in the bank.
The Court pointed out that the Chardon bank, in order to obtain the
deposit, agreed with a South Dakota bank to give it half of the deposit,
though the agreement was not known to the Treasurer of the brotherhood.
The Court said "a depositor in a State bank is entitled to the protection
of the guaranty fund to the full amount of the deposit where, unknown to
the depositor, the bank receives the deposit on the condition it re-deposit
a portion of the funds in another bank."
A Bankers' Conferenee.—From time to time complaints have been
voiced that the International Conference of Central Banks proposed at
Genoa six years ago has not yet been held. Hitherto it has proved impossible to convene this conference, and the informal meetings which
have taken place from time to time between representatives of a few of
the chief central banks have, despite their excellent results, been hardly a
satisfactory substitute. The latest meeting, now being held at Paris, falls
into a different category, and inasmuch as it is under the auspices of
the League of Nations Finance Committee, and is attended by representatives of 22 central banks, it approximates very closely to the formal
conference envisaged at Genoa. The subject of discussion consists broadly
of proposals for closer international co-operation in the field of intelligence
and satistics, including that obscure but important question of the movement of capital from market to market As we have repeatedly emphaBank
Reserve
sised, there is much urgent work to be done in this direction, and many
Rediscount Rate of Dallas Federal
gaps in our knowledge to be filled. If the results of this conference is to
Increased from 4 to 4%.
illumine even one corner of the financial field, its members will have
that
5
May
on
announced
The Federal Reserve Board
performed an important economic service to the nations that they
to be a substitute
the Federal Reserve Bank of Dallas had increased its re- represent. The conference is not, and does not, pretend and
define general
for a more ambitious conference which would explore
The
7.
May
effective
%
43
to
4%
from
rate
discount
principles of monetary policy. It will, however, help to prepare the
Dallas Reserve Bank is the sixth to increase its rate to way for such a conference if ever it is held.
454%, the Banks which had already advanced their rate
to that figure being the Boston, Chicago, St. Louis, Richmond and Minneapolis Reserve Banks. Announcement
of their action appeared in our issues of April 21, page 2418
and April 28, page 2584.
Quarterly Meeting of Governors of Federal Reserve
Banks.
Federal Reserve Bank Governors met with the Reserve
Board on May 2 in quarterly gathering, but no definite details of the discussions which took place were disclosed according to Washington advices to the New York "Journal of
Commerce," which added:
The most important situation pending in the Federal Reserve system at
this time is the question of curbing rapidly increasing brokers' loans with
their reflection of speculative tendencies, appropriate action to be taken in
connection with the continued outward movement of gold and the rediscount
rate situation.
The Reserve Board Governors are understood to be of the opinion that
no workable legislation could be enacted which would curb speculative
tendencies or loans to brokers and dealers. Some feeling has arisen in Congross that such legislation might be helpful, although this view is not held by
high Treasury officials.
Benjamin Strong. Governor of the New York Federal Reserve Bank, was
not able to be present on account of illness.
An account of the conclusions of the industrial inquiry of
the Liberal Party of Great Britain, in which co-operation of
central banks is urged, was contained in the following from
Washington, published in the "Wall Street Journal" of
May 8:
British economists look to the co-operation of the central banking
systems of the world—international monetary co-operation—to overcome
the fluctuations in trade activity expected as a result of general resumption
of the gold standard. At the same time they insist that the veil of secrecy
should be torn from the international consultations of the central banks,
in which the Federal Reserve System participates, in the interest of greater
business confidence.
Such conclusions were reached by the industrial inquiry of the Liberal
party of Great Britain. Its report, which has reached here, deals not
only with the domestic economic problems of England but with the
international angle as well. In its view of the importance of international
understandings as to policy between the central banks, the report is of
considerable significance at this time, not only because of the general
gold problem, but because of the French plans for currency stabilization.
Report Prepared by Lloyd George and Others.
Names well known in the United States are listed among those who
helped in the preparation of the report, entitled "Britain's Industrial
Future," including David Lloyd George, J. H. Keynes, and Sir Josiah
Stamp.
There are grounds for believing, the report finds, that monetary phenomena have always played a larger part in fluctuations of trade activity
than used to be recognized. The return to the gold standard sets limits
to the control over these phenomena that can be exercised by national
action. But something snore may be achieved by international action.
Plan for Exchange of Central Banks'Statistics Adopted Close co-operation between the central banks is, therefore, desirable.
Conference.
at Paris International
"The practice of consultation between central banks," the report said,
"has in fact developed considerably in recent years. This practice of
York
of
"Journal
New
Commerce"
the
from
learned
It is
consultation should be continued and extended. At present, however, it is
of May 7 that a plan for effective co-operation among shrouded in an atmosphere of impenetrable secrecy. We believe that the
would
central banks in exchanging information and developing practice of issuing from time to time public statements of policymethods
confidence and hasten the evolution of banking
adequate economic and financial statistics was effected at strengthen business
facts
important
of
concealment
by facilitating informed criticisms. The
the conference held in Paris in the latter part of April by is indeed in itself a serious obstacle to the creation of stability and
economists of these institutions. The conference was confidence, on account of the doubts and uncertainties which it occasions.
the
Need for Publicity Pointed Out.
referred to in these columns April 14, page 2248, and April
"In any case it is very desirable that there should be more formal
21, page 2412. Regarding the proposals agreed to the
international discussion of the objectives of monetary policy either in the
"Journal of Commerce" says:
Banks suggested at the Genoa Conference
The heart of the plan adopted by the economists, who conferred together
for nearly two weeks, was the appointment in each central bank of an
officer who is to act as its liaison with other central banks. This man
will be responsible for prearranging and dispatching to each central bank
the banking and other financial statistics for his country which will be
of aid to the other banks. Arrangements were made also for adopting
uniform standards and forms in which the statistics are to be made
available.
The second important feature of the plan involved the development of
complete statistical departments in each central bank to be devoted to
the gathering of the data for the use of the bank and the other banks. In
this direction the American delegates are understood to have contributed a
number of important ideas. The Federal Reserve Bank of New York was
represented by Randolph W. Burgess, Assistant Federal Reserve Agent,
who is expected to be appointed liaison officer for the bank in exchanging
statistics with other banks. The Federal Reserve Board was represented
by E. A. Goldenwiser, director of the Division of Analysis and Statistics.
The eventual material result of the work of the conference is expected
to be a more adequate system of gathering statistics in each important
European country for use in guiding their monetary and credit policies.
In the second place it is expected that an increasing amount of publicity
form of the Conference of Central
in 1922, or in some ether form. Actual measures of collaboration oetween
central banks must be a matter of day-to-day administration; but monetary
policy in general is a different matter."
Need for publicity in finance was seen by ths report in the domestic
field as well as in connection with international problems. It ICU felt
that the Bank of England should give far greater publicity than at present
to the principal monetary transactions for which it is responsible. Arguing
for publicity over the whole field of banking, the report declared that u
in industry, so in finance, full knowledge of the essential facts and public
discussion of the policy are the only remedies for suspicion and the only
safeguards against hostile criticism.
Governor Roy A. Young of Federal Reserve Board
Before U. S. Chamber of Commerce Appeals for
Protection of System Against "Poor" Legislation.
Attention to the fact that many unusual proposals are
coming to the Federal Reserve Board and the Congress,
seeking changes in the Federal Reserve Act, was drawn to
2908
FINANCIAL CHRONICLE
-the finance group of the United States Chamber of Commerce
on May 9 by Governor Roy A. Young,of the Reserve Board,
who urged his hearers to do everything within its power to see
that the system is not destroyed by "poor" legislation.
The Washington correspondent of the New York Chamber
of Commerce, in noting this, further indicated as follows
what Governor Young had to say:
[VoL. 126.
clerks of the various Federal courts throughou
t the United States. These
accounts have been materially increased within
the last few years by the
tremendous amount of business which has been thrown
upon the Federal
courts in the prosecution of violations of
the prohibition Act and by the
tendency shown by attorneys throughout the
country to use the Federal
courts rather than State courts where possible.
The United States are
divided into judicial circuits wherein approxima
tely 80 district clerks are
appointed, and these clerks maintain as
high as 8 or 10 branch offices
throughout their districts. The clerks of
the District court pay over their
money to a depositary designated by the
Secretary of the Treasury in
accordance with section 3616 of the Revised
Statutes, which is as follows:
"All marshals, district attorneys, and
other persons than those mentioned
In the preceding section (collectors
and receivers) having public money
to pay the United States, may pay the
same to any depositary constituted
by or in pursuance of law, which may
be designated by the Secretary
of the Treasury."
At the time State banks were solicited
to become members of the Federal
Reserve system, one of the inducemen
ts held out to them was the assurance
that upon joining the Federal Reserve
system their rights and privileges
would become identical and equal to, in every
respect, the rights and privileges accorded to national banks. An
examination of the three instances
where State banks are eligible as special
depositaries fails to disclose any
distinction between State banks which
are not
Reserve system and those which are members, members of the Federal
and so far as Government
deposits are concerned, both member and
non-member State banks are
on the same basis.
Cites Federal Reserve Benefits.
Governor Young pointed out that of the many proposals
to change the
system, some are good and some bad. He felt that radical changes
to the
system could be avoided if the business men and others familiariz
ed themselves with the various proposed changes. Governor Young
explained
that the country's gold reserves are largely centralized in the
12 Reserve
banks instead of being scattered among thousands of independent
banks.
Ofthe $4,500.000.000 of monetary gold in the country,about
$3,000,000,000
is held by Reserve banks. These reserves, so held, have been a
basis of
credit extension and of note issue.
"Naturally,this has brought about many changes in our banking practice,
and without attempting to enumerate all the services that Federal Reserve
banks perform. I am only going to mention the important changes that
have developed.
"1. The Federal Reserve note has been put into circulation. This is an
elastic form of currency which expands when business demands more
currency and automatically contracts and goes out of circulation
when it
has served its purpose. In 1926 the Reserve banks paid out $12,500,0
00,000 Hearin
g on Strong Bill Amending Federal Reserve Act
in currency.
"2. A rediscount practice has developed, enabling banks to meet seasonal
to Effect Price Stabilization—A. C. Miller of Rerequirements, or credit, or currency and also bridge over such emergenci
es
serve Board Would Limit Latter's Power in
as existed in 1919 and 1920. The peak was reached in the latter part
Open
of
Market Operations.
1920 when the system made advances aggregating $2,800,000,000.
"3. A credit instrument, new to the United States, the bankers' acceptThe activities surrounding the negotiations
ance, has been developed and the total in existence at this time amounts
held in New
to York
and Washington last summer between the heads
approximately $1,000.000,000.
of
"4. The gold settlement fund has been created within the system which central banks and officials
of the Federal Reserve system to
provides for transferring funds from one part of the country to another.
inaugur
ate a new credit policy by means of open
Such transfers average $400,000,000 daily.
market
"5. The Reserve system has provided a method of collecting checks and purchases and reduction of the rediscount
rates, were aired
drafts which has largely eliminated the circuitous methods which were before the House
Committee on Banking and Currency on
resorted to before the inauguration of the system. The volume of checks
May 8 by Dr.Adolph C. Miller,of California, a
handled by the system during 1926 amounted to $275,000,000,000.
Democratic
"6. An open market policy has been developed by the system wherein it member of the Federal Reserve Board,
says the Washington
Is possible, at least temporarily, to adjust any unusual credit situations that correspondent
of the New York "Journal of Commerce"
develop by either buying from or selling to the market.
"7. The Reserve system, through its monthly bulletin, has furnished the in an account of the hearing May 8 before the Committee
public with information in reference to its policies and operations, a practice on the bill of of Representative Strong
designed to stabilize
that is not followed in such detail by any other bank of issue in the world.
prices through the Federal Reserve Board.
Dr. Miller has
"8. Under the leadership of the Reserve system an American banking
given extended testimony before the Committee
policy has become possible."
during the
Senate Passes Bill Amending Federal Reserve Act Authorizing State Institutions in System to Act as
Depositaries of Federal Funds.
The Senate passed on May 1, the bill passed by the House
on Feb. 20, amending the Federal Reserve Act so as to per• mit State banks and trust companies in the Federal Reserve
" System to act as depositaries of public funds. As explained
by Senator Glass, the newly enacted measure grants to member State institutions of the system the privilege of being
designated as Government depositaries along with national
banks. The following is the text of the bill:
past two weeks, and in another item in to-day's
issue of our
paper we refer to the action taken by the
Committee on
May 9, (subsequently reversed) which would
have called
for records of the Reserve Board bearing on
the latter's
policy anent open market operations and its policy
as to
discount rates. Regarding Dr. Miller's stateme
nts to the
Committee on May 8 the "Journal of Commerce"
account
said:
In recalling the veil of secrecy which marked
the "conversations," as
Dr. Miller termed the meetings, rather than
Reserve Board member contended that adoptionnegotiations, the Federal
of the new policy should
have been a matter of "record discussion" by the
Federal Reserve Board,
Discloses Discussions.
Disclosing that he talked separately with Dr.
Iljalmar Schacht, of the
Be it enacted, etc., That section 9 of the Federal Reserve Act be amended Reichsbank, and M. Mit, Deputy Governor
of the Bank of France, before
by adding thereto a new paragraph as follows:
the Washington luncheon, and after the
luncheon with Montagu Norman,
The paragraph forming the amendment to the act follows in full text:
of the Bank of England,in an effort to "find out
what they wanted,"
All banks or trust companies incorporated by special law or organized Dr. Miller stated:"My conclusion was
that they were pretty much
concerunder the general laws of any State, which are members of the Federal ned with the way the gold standard
was working at that time."
Reserve System, when designated for that purpose by the Secretary of the
Here Dr. Miller divulged that the open matket
committe
e of the Federal
Treasury, shall be depositaries of public money, under such regulations Reserve system meeting in New York
had recommended that open
market
as may be prescribed by the Secretary; and they may also be employed operations be undertaken to provide
an
as financial agents of the Government; and they shall perform all such United States and stimulate the desired easier money condition in the
transfer to London. The witness
reasonable duties, as depositaries of public moneys and financial agents of said he presumed the $70,000,000
or
the Government, as may be required of them. The Secretary of the Treas- the open market last August was "to $80,000,000 purchases of security in
prepare the way" for the reduction
in
ury shall require of the banks and trust companies thus designated satis- the rediscount rate which followed:
factory security, by the deposit of United States bonds or otherwise, for
"I couldn't see whose idea it was, but it
may have been entertained simthe safe keeping and prompt payment of the public money deposited with ultaneously by five of six men,"
continued Dr. Miller. "But I can
them and for the faithful performance of their duties as financial agents it was very welcome on the other
say
side. It was distinctly the time
for coof the Government.
operation, or at least the atmosphere
indicating that was apparent."
Dr. Miller whose reference to the
The United States Daily of May noted that the purpose of
negotiations was made in the reply
a question from Representative McFadde
n (Rep.) of Pennsylva
the bill are explained in the House report on that measure to
nia,
Chairman of the Committee, explained that
Schacht, whom, the witmade when the bill was before that body. This report ness said he regarded as the most capable head Dr.
of a bank of issue in the world
did not seem to share the same view.
reads as follows:
Rather, added Miller, the German
financier wanted the United States to find
a "true money rate" upon which
The Committee on Banking and Currency, to whom was referred the bill
the rest of the world might look to
make its adjustments.
(H. R. 10151) to amend section 9 of the Federal Reserve Act, having conUrges Limitations.
sidered the same, report it back to the House with the recommendation
Chairman McFadden, who constantly
that the bill do pass without amendment.
interposed statements of Dr.
Miller's during the testimony, stated:
Under the present laws of the United States, State banks are, as
"It seems to me that this whole
a general question of policy, and
it was a new policy undertake
proposition,ineligible to become depositaries for public moneys.
n by the Federal
There are, Reserve system, should
have been discussed as a matter of record
however, three exceptions to this general proposition in that State banks
by the
are Federal Reserve Board in
Washington before it was adopted."
eligible as depositaries of postal savings funds, funds of an insolvent
na"I quite agree with you," replied
tional bank, and proceeds from the sale of bonds and certificates of
Dr. Miller, who had previously testiindebt- fied before the Committe
e that he had not been in condition
edness.
to agree with
the policy of operating in the open
market last summer and reducing the
Derivation of Authority.
rediscount rate at that time.
The authority for such special deposits is derived as follows: Under
Renewing his former recommendation
that a limitation should be placed
section 9 of the postal savings Act State banks are eligible to receive Govern- on the authority
of the Federal Reserve system to engage
in open market
ment deposits of postal savings funds: under the amendment of May 15 operations. Dr.
Miller in discussing the Strong
bill said it was his view
1916, to the national bank Act the Comptroller of the Currency may, if he that a more
competent use of the rediscount rate
policy would dispense
deems proper, deposit funds of an insolvent national bank in any State or with frequent use
of the open market operations.
national bank either in the city or town in which the insolvent bank was
In discussing the measure with
Representative Strong, (Rep.), of Blue
located, or of a city or town adjacent thereto, as practicable; and under the Rapids, Han., the
author of the bill, Dr. Miller ramarked that the
Federal
Liberty bond issue Act of Apr. 24 1917, and the amendments thereto, Reserve system
was a big organization and had in and
around it too
the Secretary of the Treasury may, in his discretion, deposit proceeds many "amateur
economists," which, he explained, constituted a great
arising from the sale of bonds and certificates of indebtedness in such danger to formulati
on and carrying out of policies.
Incorporated banks and trust companies as he in his discretion may desigAt a hearing on May 3 before the House Committ
nate.
ee, Dr.
One very important item of Government deposits in which State banks Miller advocated a reduction in the members
hip of the
are not entitled to participate with national banks is the deposits of the Board and
recommended that a limitation be put on the
-
MAY 12 1928.]
FINANCIAL CHRONICLE
authority of the Board to engage in open market operations
by requiring an affirmative vote of at least five members before it could do so. With regard to Mr. Miller's statement
to the Board on May 3 the New York "Times" on its Washington advices said:
Dr. Miller was testifying on a bill to direct the Board to use its power in
the interest of stabilizing the purchasing power of the dollar. He took the
position that the proposed legislation was not necessary, and possibly dangerous.
Attention was directed to the market conditions of the last six months
following the action of the Board in July of lowering the rediscount rate
and buying securities in the market, Dr. Miller giving this as an instance
what could be expected from such operations.
He said that when this power reposed in the hands of such a body as the
Reserve Board there was always the "itch" to do something.
"This open market authority." he added, "offers too big a temptation,
and the developments of the recent months illustrate just about what you
may expect. I believe the Board should have these powers, but that their
exercise should be subject to limitations. We ought not to make it easy
for the Board, which is composed of men subject to human judgments, to
exercise these powers."
Dr. Miller referred to lowering the rediscount rate in July as having been
done to create easier money conditions to stimulate business, adding that
he thought that the use of the discount rate policy at proper times would
have stimulating effects.
"I would say that right now in this country," he declared, "it would be
better if the rediscount rate was 3%%•"
Business was slack when the discount rate was lowered in July, Dr. Miller said. The efforts to help were indirectly responsible, he continued, for
the stock market speculation of recent months, and he called the action a
misadventure.
He said that the Board had no direct interest in stock market activities,
but added that it should be concerned as to what was done with the credit
It created.
"Mysterious forces," was a term he applied to influences that had begun
to work following the action of last summer. He said it was well to go slow
in trying to enact legislation to determine the exact time to use the board's
Influence in regard to discount rates.
2909
helpful stimulus" and what happened was to have been expected. "I was
away when the action was taken on July 27 1927," stated Dr. Miller, apparently referring to the Board's arbitrary establishment of a reduction in
the discount rate at the Chicago bank,"and I wired urging that all action
be withheld at least until September." He added, "I might merely have
made a lucky guess on the situation, however."
"The official reasons for that departure of policy last July," said Dr.
Miller,"when the Board set out by open market purchases of securities and
lower rediscount rates to provide an easy credit situation—cheapen the cost
of money—were to assist the stabilization of international exchange rates
and stimulate the movement of gold."
Dr. Miller explained that "at the same time this policy, by keeping money
easier in the foreign centers, was designed to assist in the marketing of
American crops and commodities."
Hints Accord With Europe.
Asked by Chairman McFadden if "this idea" originated in this country
or abroad, the witness stated that it would be hard to say definitely, but
expressed the opinion that there was a state of mind in the Board that made
It easy for the members to reach an accord with Europe.
"There may be ground for the view," Dr. Miller went on,"that the Federal Reserve Board was a little bit to sensitively attuned to the foreign
situation, a bit too sympathetic."
The witness made it plain to the members of the committee that they
were "getting these statements from a man who was not in sympathy with
the policy." Dr. Miller added that he thought the talk about stimulation
of foreign trade was largely "scenery." But, of course, he said, if pound
sterling was at a rate that permitted the British importers to buy more dollars they could buy more cotton, for example.
On the other hand, the Federal Reserve Board official explained, any advantage in rates derived by the British importers resulted in corresponding
disadvantages to the American importers. He further explained that the
results of the policy had been a "surprise" to the Board, and at present
the Board was perplexed by the developments.
The re-introduction by Representative Strong of his bill
directing the Federal Reserve System to use its powers, so far
as possible, to promote stabilization of the purchasing power
of the dollar was noted in our issue of March 24, page 1750.
Previously (on April 30) Mr. Miller in indicating his views
Inquiry into
on the bill at a hearing of the Committee stated that action House Banking Committee Votes for
Records of Federal Reserve Board to Determine
of the Federal Reserve system in providing lower money
Administration of Opem Market Operations—Comrates to stimulate business in periods of or approaching busimittee Later Reverses Action.
ness recessions may result in stock market speculation. Mr.
Comof
"Journal
New
York
the
The House Committee on Banking and Currency on
Miller is quoted in
merce" which further reported as follows what Mr. Miller May 9 adopted a motion calling upon the Federal Reserve
Board and the 12 Reserve banks to submit all files, records
had to say on April 30:
The Federal Reserve Board last year. in seeking to assist the situation in and documents relating to the determination and administraEurope so as to promote foreign trade, set about to create an easier condirediscount rate and the so-called open
tion of money by a policy of lower rediscount rates, and also went into the tion changes in the
market and purchased securities, Dr. Miller explained.
market operations inaugurated last summer—and later
"Do I understand you to mean," asked Representative Strong, "that reversed itself. The advices to this effect are from a
what the Federal Reserve Board did last July to assist in Europe and proWashington dispatch May 9 to the New York "Journal of
mote foreign trade resulted in the recent Stock Exchange speculation"
"That was the direct result, yes," answered the witness, "but of course Commerce" which likewise said:
it was not the intention."
The duty of the Federal Reserve Board under the law, Representative
Wingo (Ark.) suggested, was obviously to see that the needs of legitimate
business and industry were taken care of and if the stock market speculation took place as an indirect result of the Board policy it was merely incidental. Dr. Miller agreed that the Board had no direct business with what
was done in the stock market, but the Board, he explained, was concerned
with what happens to the credits it creates.
Asked what was responsible for "business recession," he stated that he
could not attempt to say definitely. The origin of these "recessions" still
remains a mystery. The 1927 affair, he suggested, was a "mild reaction,"
probably the result of the big year of 1926.
The motion also called for the minutes and proceedings of the Board's
New York open market committee since its inception April 1 1923.
Reconsideration of the motion was made after Administration committee
members voiced complaints of "no quorum" and Roy A. Young, Governor
of the Federal Reserve Board, contended the move would prove destructive to the System because of the "highly confidential" nature of the
information appearing in the Board's files at this time.
Could Refuse Access.
While the Committee consented to defer until a later date final action on
the motion which it had adopted at the suggestion of Dr. Adolph C. Miller
of California, a Democratic member of the Board, whose testimony was
given in connection with the Strong bill, it was explained by Representative
Policy on Gold Standard.
McFadden (Republican) of Pennsylvania, Chairman of the Committee.
Dr. Miller said he was not opposed to the sense of the so-called publicity the matter will be taken up again.
section of the Strong bill requiring the Board to make public the details or
During the interpolation of Governor Young at the close of to-day's
reasons for the actions taken by the Board, but that he did not like the session a question put by Representative Beedy (Republican) of Maine
form of the section.
brought the acknowledgment that "a member of Congress' could be refused
Dr. Miller stated that the provision requiring the Board to work to main- access to the confidential files of the Federal Reserve Board, It NMI
tain a stable gold standard and stability of the purchasing power of the dol- apparent that Young's answer might have precipitated ratification of the
lar was objectionable for no other reason than it was premature. He said action taken earlier had a quorum of the Committee been present, in
he was not opposed to innovations in legislation, but he called attention to spite of the Federal Reserve Board head's plea, so belligerent was the
the fact that nations of the Western World are just getting back to the full response of some members on a point of "no quorum" that it was incident
gold standard and it therefore would be advisable to await the results of to his appearance before the Committee in support of the Sheppard bill
this resumption of the gold standard without requiring a striking departure to amend the Federal Reserve Act authorizing banks in the System to
non-perishable,
In policy on the part of the Federal Reserve Board.
rediscount or purchase bills of exchange payable at sight on
"My belief is," continued the witness, "that a system of banking must readily marketable staple agricultural products.
was
It
is not a good thing to inaugurate a progrow as the result of experience.
The Committee's action, which prompted Young's interpolation.
cedure by legislation. In banking, particularly, steady growth is the best taken after Dr. Miller had suggested this method as the means of obtaining
method. It is difficult to lay down a formula that will work as it is ex- the information sought in connection with its consideration of the Strong
expected to work, although administrative positions always are happy to bill. The measure, introduced by Reprewentative Strong (Republican)
have a formula which will not require the exercise always of their best and of Kansas. is designed to instruct the Board to shape its policies and use
promote the stabilization
soundest judgments."
the broad powers of the Federal Reserve Act to
The bill, Dr. Miller explained, proceeds on two assumptions: (1) that of the purchasing power of the dollar.
by Dr. Miller. has
changes in the price level are caused by the volume of credit and currency,
Testimony given in the past few weeks, particularly
and (2) that changes in credit and currency are caused by the policy of the led the Committee into an inquiry of the policy adopted by the Federal
market security purFederal Reserve Board.
Reserve Board which resulted last summer in open
"These assumption." said Dr. Miller, "are not substantial things, but chases and the establishment of a "uniform" rediscount rate through the
bank in an effort
rather figments of the Socialistic imagination."
board's action in arbitrarily fixing the rate for the Chicago
trade. At
Reiterating on May 2 that speculative activities in the to steady international exchange rates and promote foreign
the negotiations
yesterday's session, Dr. Miller aired activities surrounding
stock market in recent months are indirectly the result of the held
the
heads of
between
in New York and Washington last summer
policy embarked upon last July by the Federal Reserve sys- central banks of issue and officials of the system to inaugurate the new
matter of "record
tem to bring about an easier credit situation, Mr. Miller told credit policy, contending the meetings should have been a
discussions."
at
that
the
2
time
May
he
this
on
opposed
Committee
his suggestion
the
"This hearing," said Dr. Miller. as he began to make
policy, or "departure of policy, or idea." The advices from resulting in the presentation of the motion to obtain the Board's confitaken on somewhat the character of an inquisition.
Washington May 2 to the "Journal of Commerce" from dential records,to"has
say that it has been slightly embarrassing to me to furnish
and I am frank
his
further
as
gave
testimony
follows:
learned,
Reserve Board I differ
which this is
Information, because as a member of the Federal
"It has been my experience," said Dr. Miller, "that cheap money in the with my colleagues as to the wisdom of the policy adopted last summer.
of
the
provocative
be
movement
to
bound
speculative
is
market
"that
on,
when
any committee of
went
witness
York
the
New
"I feel, however,"
that has been noticeable for several months."
Congress is as interested as this one seems to be in these questions, that
Feared "Unhelpful Stimulus,"
every assistance should be given the members to obtain the information."
Before the Committee adopted the motion, Dr. Miller stated that he
In giving his personal view. the Federal Reserve Board official said he had
believed the members of the Committee would find the open market operabeen convinced that the easy money theory last summer would be an "un-
i910
FINANCIAL CHRONICLE
[voL. 126.
Lions were "the heart of the situation." He further
stated that he had said, had settled upon tax reduction
s slightly in excess of $200,000,000,
given the question careful consideration and had decided
that the members which the committee Chairman considere
d was a safe margin.
of the Committee "ought to see the records" to determin
e for themselves
"The
surplus
of
1928
will be about $401,000,000," he stated. "The
just what had been done in order to "clarify the situation
."
surplus
for
1927
was
$635,000,
000."
"I am a devotee of candor," continued the Federal
Reserve Board memMr. Smoot said that to simplify the administration
ber."and in these matters I am In favor of publlcity for,
of tax collections a
I belleve, there is clause had been written into the bill
authorizing the Bureau of Internal
and should be a wide public interest in these questions
."
Revenue to complete an agreement with a taxpayer
who protests an
In another item in to-day's issue of our paper we refer assessment, without forcing
the taxpayer to go to court.
further to Dr. Miller's statements before the Committee during the course of its hearings on the Strong stabilization bill.
The principal changes effected in the bill were
noted in
these columns April 28, page 2587. Concerning
the automobile tax of 3%, which is repealed in the bill
as presented
Federal Reserve Banks Authorized by Secretary Mellon to the Senate (as well as in the House bill passed Dec. 15
to Purchase $50,000,000 Third Liberty Loan Bonds 1927), the Washington correspondent of the "Journal of
Commerce" on May 3 Said:
Maturing Sept. 15.
Despite
belief of Secretary Mellon that the basis
of the American
The purchase by the Federal Reserve Banks of $50,000,000 tax systemthe
should remain as broad as possible, the
Treasury Department
Third Liberty Loan bonds has been authorized by Secretary "has resigned itself" to the repeal of the
automobile tax, it was
of the Treasury Mellon according to the following statement today. President Coolidge already had indicated that he approveslearned
repeal
of this tax.
issued by him May 10:
It appears that the Treasury sees no
prospect of keeping the automobile
Secretary Mellon to-day announced that he has authorized
the Federal tax on the statute books, although maintaining that
it is an excellent tax
Reserve Banks to purchase, at the option of holders,
up to $50,000,000 and is not oppressive. Officials pointed out
that with the base of the
aggregate face amount of Third Liberty Loan 43i% bonds,
which mature tax system narrowed, the burden will fall upon
even a smaller number of
Sept. 15 1928. at 100 8-32 and accrued interest to the date of
such optional persons than under the present law. Income taxes
purchase. This offer will remain open until the close of
are paid by something
business on Friday, over 2,500,000 persons, out of the 118,000,0
00 population, although the
May 18 1928, and without further notice will terminate on
May 18 1928, special taxes like tobacco, assessed under
the law, are paid virtually by
or at such earlier date as the full amount shall have been
tendered.
the entire population.
An initial move toward retiring the Third Liberty Loan
The automobile tax was favored because of its
wide range, being indibonds was taken by the Treasury Department on Jan. 8, rectly met by the ultimate consumer.
when an offering was made of 3M% Treasury Notes in exchange for the Liberty bonds. This was referred to in these
columns Jan. 14, page 198, and, as stated in our issue of
Jan. 28, page 523, a total of $603,626,650 of the bonds was
tendered at that time in exchange for the Treasury Notes.
The "Times" of May 11 in referring to this week's announcement of Secretary Mellon, said:
As presented to the Senate on May 1 the bill
provides for
a total tax cut of $200,085,000; while reducti
ons of $203,115,000 are effected through the lowering of
major taxes,
advances in the tax rate on several other items
will
an increased yield of $3,030,000. These yields are provide
indicated
in the following, which we take from the
Washington dispatch, May 1, to the "Times":
The bonds to be purchased under the present offer will be bought
Although the bill was technically reported by the
out
entire Finance Comof funds now in the general surplus of the Treasury. The sinking fund mittee, it is the Republican program
only, the Dernocrata intending
of the Government has been repeatedly called into play for the purchase
to
of fight for a reduction as close to $300,000,000 as they can
achieve. No
Treasury bonds. Under the law the Treasury is not allowed to pay
more minority report was made, the understanding being that the
Democrats
than par for outstanding issues out of the sinking fund unless these
opera- would present their recommendations on the floor of the
Senate.
tions are balanced by purchases made below par. The Treasury,
however,
Senator Smoot's report furnishes the followi
has had considerable leeway in these transactions recently, owing
ng
comparito the son of
the House bill and the Senate Finance
fact that a number of the Government's short-term securities have
been
Committee
selling at a discount.
bill:
We also quote the following from Washington advices,
May 10, to the "Journal of Commerce."
Amount of Bill as Reported
Rem.
House Bill.
Reduction.
to Senate.
Consideration is being given by Secretary Mellon to the
question of
whether or not an issue of Government securities will be made
Reductions—
at the June 15 Corporati
on rate__ Reduced
financing period to be exchanged for Third Liberty bonds.
1134% $184,800.000 Reduced to 1234%
A study of the Corp. exemption_ _ Increasedto
to $3
12,000,000Same as House bill
bond market and its ability to absorb a considerable Issue of
Federal securi- Graduated tax on Graduated to 9%
House provisio
ties in June is being made by experts.
corporation.
If taxableincom
eliminated
In June a block of $400,051,200 in Treasury certificat
Is not more than 24,003,
es comes due and
will be retired. The size of the June 15 issue to replace
$15,000.
the maturing Readjustment o No provision
block has not been determined.
Reduced, princl
surtax brackets.
pally in case of
The Treasury is expected to obtain about
$470,000,000 income taxes
Individual
in
n June.
comes rang!
from $20,000 t
$80,000.
Automobile tax... Repealed
88,000,000,Repealed
Admissions tax__ Exemption In
Tax Reduction Bill Before Senate.
8,000,0001E xem ption in
creased to $1.
creased to $3.
The tax reduction bill which was reported to the Senate Dues tax
Reduced from 10%
5,000,000restored to 10%.
to 5%.
on May 1 by Chairman Smoot of the Senate Commit
Capital stock tr
Reduced from 2%
8.800,000Restored to 2%.
tee on
ter tax.
00 1%.
Finance, following the formal approval of the bill by
sales o Repealed
the "Future"
3,000,000,Present law reproduce.
Committee on April 30, was taken up by the Senate on
stored.
May 3, Cereal beverge tax Repealed
185,000Repealed
Wine taxes
Chairman Smoot announcing at that time that it
Certain rates r
930,000Sub
stantially the
would
duced to p
same as 11ou
remain before the Senate until disposed of. According to
war level.
a
bill.
dispatch to the "Times" May 3 pending legislation was
swept aside by the Senate that day to give right of way
to
the tax reduction bill. The account went on to say:
Amount of
Reduction.
382,000.000
12,000,000
25,000,000
88,000,000
17,000,000
185,000
930,000
Total
Increases—
Withholding
a Actual tax with
source, non-resi- held in case o
dents.
2% tax-free coy
enant bond.
Prise fights
Tax of 25% on
tickets costing
$5 or more.
Foreign-built
Tax Increased fly
yachts.
times.
$203,115,000
$2,000,000Same as House bill $2,000,00
0
Senator Hiram Johnson, Republican, of California, leader of the
fight
for the Boulder Dam project, agreed to halt consideration of the latter
750,000 Same as House bill
measure long enough for the Senate to act on the tax bill and send it
750,000
to
conference for adjustment with the House so that it might reach the
President before the time the present session ends.
30,000House provlslo
•10,000
Senator Smoot brought the tax bill into position with a speech in
eliminated an
present law r
which he praised the Administration for its economy program. He had
pealed.
No provision
not proceeded far, however, when it became evident that Republican Narcotic tax
Physicians' license
290,000
insurgents were prepared to load the measure with amendments, including
fee
increased
from $1 to $3
a proposal for tariff reform.
Year.
Senator Blaine of Wisconsin offered an amendment that certain imports
Total
be allowed to enter this country duty free, and Senator Shipstead I.
$3,030,000
Total net redtaien
expected to demand higher duties for certain agricultural products.
$289,735,QO
9200,085,000
Questions by Senator Borah during Mr. Smoot's speech developed an
• Loss.
indication that the Finance Committee Chairman may offer an amendAs to further features of the report
ment to repeal the Federal estate tax, which the committee agreed to
we quote as follows
retain in the law, although the Administration wanted it abandoned. from the "Times":
Some House leaders assert that Senate approval of repeal would mean
In reporting the Senate bill,
Chairman Smoot said:
a deadlock and jeopardize the entire tax bill.
"The majority of the committe
e definitely and conclusively rejected all
"The total receipts for 1929 are estimated at $3,854,721,000," Senator
proposals to provide a reduction
in excess of the amount fixed as the
Smoot said in opening debate. "We no longer have to guess in making
maximum by Secretary Mellon.
our determinations.
We now have the actual collections made on
"The actual collections on
March
15 have established to a remarkable
March 15.
degree the accuracy of the Treasury
estimates and the majority of the
Would Adhere to Debt Plan.
committee is unalterably opposed
to insuring a deficit in order to meet
"The total expenditures for 1929 are estimated by the Director of the the demands of those
insisting upon a greater reduction or upon
a deparBudget to be $3,642,021,000. I wish to emphasize that this does not ture from sound principles
of public
include whatever additional expenditures may be necessary by reason of
He pointed out that the corporati finance."
on
exemption had been increased from
new legislation. For 1929, 51.1% of the entire expenditures are on $2,000 to $3,000;
that the House graduated corporation tax provision
account of the public debt; 31.8 attributable to military functions, and had been rejected and
that, "the intermediate surtax brackets are adjusted
but 17.1% are devoted to the ordinary civil functions of the Govern- to relieve the
disproportionate burden now imposed en certain classes
ment. . . . Our debt retirement program should be adhered to."
of
taxpayers."
Mr. Smoot said there was nothing to justify the assumption that the
The automobile tax had been repealed
in both bills, he stated. The
1929 surplus would exceed $212,700,000. The Finance Committee, he admission
tax exemption WAS increased by the committee
to $3 as against
MAY 12 1928.1
FINANCIAL CHRONICLE
to 5% by the
the $1 fixed by the House, and the club dues tax, reduced
House, was restored to 10%.
The committee rescinded the House cut in the capital stock transfer tax
Exchange
from 2 to 1% and restored the stamp tax on "future" Produce
sales.
Corporation and Auto Tax Choice.
The report stated that if the automobile tax had been retained there
would have been enough money to cut the corporation tax to 11%%.
"However, the automobile manufacturers stated that they preferred
the repeal of the sales tax to a reduction in the corporation rate," the
report said, "and the railroads and others joined in advocating this
repeal."
The House provision for a graduated tax on small corporations was
denounced as unsupported "by any sound principle of taxation." The
adjustment of the intermediate surtax brackets on incomes of $20,000$80,000 was said to be necessary.
Relief for Legitimate Theatre.
Noting the increase of the $1 redemption by the House on theatre
admissions, the report stated:
"Your committee has increased this exemption so that no tax will be
Imposed where the amount paid for the admission is $3 or less, particularly in order to relieve the legitimate theatre from the disproportionate
burden now imposed upon it."
Senator Smoot said that the privilege granted to affiliate corporations
of filing consolidated returns, which the House bill denied after 1928,
had been restored, with amendments necessary to eliminate administrative
problems of the present law.
He said that he expected the Senate to pass the bill "substantially as
reported by the Finance Committee."
The Democrats, it was reiterated this afternoon, would centre their
attack upon lowering the corporation tax to 11%%, as against 12%% In
the Republican bill, and thus would add $82,000,000 to the total reduction.
The Democrats will also probably insist on the House provision laying
down a graduated tax on corporations within up to $15,000,000 Income;
upon repeal of all admission taxes—$1,500,000 more than the Republican
cut—and upon repeal, or heavy cuts, in the club dues, capital stock
transfer and produce exchange taxes.
In addition to the extracts from the report given above,
we also take the following therefrom:
2911
210, 211, and 280 of the 1926 act. No changes are made with respect
to the individuals and corporations subject to tax, except as hereinafter
noted, or with respect to the manner of imposing the tax. The "in lieu"
provisions are collected in section 63 of the bill.
On May 4 Senator Harrison (Democrat), of Mississippi,
assailing Treasury estimates of prospective surpluses as
having been anywhere from $100,000,000 to $300,000,000
out of line in the past seven years, said it was "Idle talk" to
say that the Treasury could not stand the $325,000,000 reduction program advanced by the Democrats. Associated
Press advices, from which we quote, also said:
The Mississippian detailed Treasury estimates for seven years and compared them with actual surpluses. He followed this with figures showing
that Congress had disregarded Treasury warnings in the past and had not
brought about a deficit.
•
•
•
The Mississippian, who opened the fight in the Senate, then attacked the
administration's policy of debt retirement, declaring that rapid retirement was a scheme to make foreign bonds held in this country of greater
value.
"It takes no expert," he declared, "to see that when we pay off our
national debt at the rate we are going now, and when these foreign
countries make their applications for cancellation of their debts to us
and they are successful, that these French bonds and Italian bonds and
Austrian bonds and bonds of every other foreign government will soar to
high figures, and large profits will flow into the pockets of those
special groups who are on the inside as a part of this plan."
The following, regarding the further discussion of the
bill in the Senate May 4, is from the "Times":
Pointing out that a great proportion of the foreign debt was a post-war
obligation, Senator Smoot, Republican, of Utah, declared that the Allies
should live up to their debt contracts.
Senator Bruce, on the other hand, denounced a policy that would force
foreign nations to pay on their war debts after the United States had
cleaned up her own debt.
Senator Tydings, Democrat, of Maryland, placed in the record a tabulation of the military expenditures of sixty-one nations, as compared with
their individual debts to the United States. He said that while the total
"war expenditures" of the world during 1927 were almost $4,000,000,000,
the United States advanced "sufficient to pay two-thirds of that, or
$2,619,000,000."
"This includes," he continued, "all foreign flotations in this country.
The United States loaned twenty foreign nations more than enough to
meet their national defense expenditures during 1927." He compared the
standing armies of Continental Europe and America, declaring that European countries have "a tremendously organized and equipped reserve."
Late this afternoon Senator Simmons, Democrat, of North Carolina,
introduced an amendment that after July 1 payments from foreign nations
should first be applied to current expenditures, any excess to go then to
the public debt.
An amendment for a low-scale estate tax, starting at 0.02% on not
more than $50,000, and ending with 4% on more than $10,000,000, was
offered by Senator Bingham, Republican, of Connecticut.
An amendment presented by Senator King, Democrat, of Utah, would
abolish the present 80% credit to the States on account of the estate
tax, and restore the 25% credit of former years.
VIII. STRUCTURE OF NEW BILL AS COMPARED WITH PRIOR
REVENUE ACTS.
The bill in one respect differs materially from the revenue acts of
1918, 1921, 1924, and 1926. Each of those acts reenacted all the
provisions of the preceding act, with such changes and omissions as
the policy of Congress dictated, and then repealed the preceding act,
with certain exceptions.
The committee feels that this method has resulted in great complication,
particularly in the income and estate tax, and especially in the procedural provisions. The effort in each new act to put in the same place
all the law relating to the assessment and collection of taxes for earlier
years, as well as the law imposed by such new act, has resulted in many
complications. Striking examples of the difficulties encountered may
be found in sections 277 and 278 of the 1924 and 1926 acts, dealing
with the statute of limitations, section 284 of the 1926 act, dealing with
refunds and credits, and section 283 of the 1926 act, dealing with appeals
to the Board of Tax Appeals in cases arising under the 1924 and preceding acts. If this process is continued, it will produce more and more
complexities. The committee is impressed with the importance of making
a fresh start. Under the plan of the bill the taxpayer for 1928 and
On May 5 the Senate, without a record vote (we quote
succeeding years will not be obliged to wade through many complexities
"Times"), approved an unexpected provision by
of interest only to taxpayers under prior acts, which only serve to confuse from the
its Finance Committee that the term "gross income" should
and irritate him.
Therefore, the provisions of the income tax title of the present bill apply to gains, profits and income derived from salaries,
apply only to the taxable year 1928 and succeeding years. They have
wages or compensation, "including in the case of any Presino effect whatsoever on taxes imposed for prior taxable years, nor do
the provisions of the 1926 income tax title have any effect on the dent of the United States taking office after the enactment
computation of tax for 1928 or later years. For this reason the income of this act the compensation received as such." The account
tax title of the 1926 act is not repealed by the bill and remains in force
quoted went on to say:
for the collection of taxes for 1925, 1926, and 1927, as well as taxes under
The quoted words were inserted in the $200,000,000 tax reduction bill
prior acts, except as modified by Title III of the present bill, containing
express amendments to such title, and by Title IV containing various by the Finance Committee to offset an opinion by the Supreme Court
administrative provisions, and by Title V, containing a few retroactive which relieved the President from payment of an Income tax.
Judge Walter Evans, then on the Federal bench in Kentucky, in 1919,
provisions intended to relieve certain cases of hardship under prior acts.
It is to be noted in particular that provisions such as those in Titles X, sued J. Rogers Gore, Internal Revenue Collector, to prevent the collection
XI, and XII of the 1926 act as well as other titles thereof remain in of an income tax on the constitutional ground that the compensation of
full force and effect for the taxable year 1928 and subsequent taxable Federal Judges "shall not be diminished during their continuance in
years. For instance, section 1107 applies to income taxes for 1928 and office."
The Evans case reached the Supreme Court, which sustained the Judge's
future years. IM application is not restricted to "internal revenue laws"
argument in January, 1920. By analogy, the decision was applied to the
in force at the time of its enactment.
It is planned ultimately to combine provisions of this general nature President, who under the Constitution shall receive "a compensation
which shall neither be increased nor diminished during the period for
into a compilation or code apart from the revenue acts.
The estate tax title of the 1926 act is neither repeated nor repealed in which he shall have been elected."
It was understood this afternoon that Senator Reed of Pennsylvania
the present bill, which, in Title II (secs. 401-403) contains three amendments to that title. Similarly, the reductions recommended by the bill was a prime mover in the committee in suggesting that the President
In the automobile and admission taxes are accomplished by express amend- should lead the list of taxpayers, and that he had the support of Senator
ments to the 1926 act instead of the old method of repetition and repeal. Smoot, the Chairman, in making this motion.
Doubt existed in some quarters tonight that the provision would be
IX. REARRANGEMENT OF INCOME TAX TITLE.
held constitutional If enacted into law.
The bill embodies a pro?osed new arrangement for the income tax title.
The basis for the arrangement is the distribution of the provisions by
With reference to further action by the Senate May 5 the
two classifications—general provisions and supplemental provisions. United States Daily stated:
There are a few introductory provisions.
During the consideration of the bill on May 6, Senator McMaster,
The general provisions are those which apply to the ordinary transacintroduced an amendment which he protions of the ordinary classes of taxpayers. It is believed that approxi- Republican of South Dakota,
at the proper parliamentary stage, to amend the Tariff Act
mately 80% of the taxpayers who file returns under the new act will find poses to of
setting aside of customs receipts to comin the general provisions practically all the income tax statute law of of 1922 by providing for the
pensate producers or shippers of certain agricultural commodities for
interest to them. The general provisions are divided into parts.
from designated primary markets to the most
The supplemental provisions comprise all provisions of the Income tax transportation charges
port.
title other than the general provisions and the introductory provisions. convenient
Senator Reed, Republican, of Pennsylvania, also introduced an amendIn the main, the supplemental provisions are those which apply only to
would require insurance companies to include income from
extraordinary classes of taxpayers or which apply only to the extraor- ment which
disposition of property in the computation of their gross
dinary transactions of ordinary classes of taxpayers. The supplemental the sale and Reed amendment was rejected by the Finance
Committee
Incomes. The
provisions are divided into supplements.
during Its consideration of the tax bill before the measure was reported
An improved form of cross reference, illustrated in section 12 (b),
to the Senate.
(c), and (d), is employed in the bill. Section 2 provides that cross
Basis for Computing Depreciation Aooepted.
references of this kind (i. e. where the word "see" is used) shall be
The Senate also agreed to the Committee amendment prescribing the
given no legal effect.
The normal tax, surtax, and ordinary corporation tax are imposed basis for the computation of depletion and depreciation in making deducrespectively by sections 11, 12, and 13, which correspond with sections tions from gross income for the purpose of ascertaining net income.
2912
FINANCIAL CHRONICLE
[VOL. 126.
On Monday May 7 the Senate voted against permitting action of the Senate
on May 8 Associated Press dispatches
the new corporation income tax rate proposed in the 1928 from Washington
stated.:
tax reduction bill to apply retroactively to taxes paid this
Approval also was
to the House amendment increasing to 25%
year on 1927 corporate incomes. This was in accordance the levy on prize fightgiven
admissions.
Democrats pointed out that complete repeal of the tax, except
with the decision of the Finance Committee. The Senate
on
admissions to prize fights, would cost the Governmen
t only $1,000,000
indorsement of the Committee action was registered without in
revenue annually, Senator Smoot, Chairman of the Finance
Coma record vote. It is noted in the Washington dispatch mittee and leader of the Republican forces, said he favored
the $3 exemption to aid the spoken drama, but there was
May 7 to the "Times" that
no reason why the tax
should not apply
The House bill contained a provision which would have given to
corporations a total refund of $160,000,000.
Immediately afterward a move was made to apply new surtax rates
retroactively, but while Senator Simmons, Democrat, of North Carolina,
was agreeable to the proposal, Senator Gerry, Democrat, of Rhode Island,
asked that the matter go over until tomorrow.
•
•
•
The committee has also proposed a schedule of surtaxes with material
cuts on incomes between $18,000 and $70,000, and today Senator Simmons
presented a schedule of his own which applies slightly heavier surtaxes
upon larger incomes and lighter upon smaller incomes than does the
Republican plan.
•
•
•
During the discussion of the bill the Senate approved a section allowing a maximum salary of $7,500 to internal revenue collectors, whose
highest pay is now $6,000.
The surtax rates proposed by Senator Simmons were:
Income.
Surtax. Dianne.
Surtax.
312,000-814.000
1% 838,000-$42.000
9%
814.000-318,000
2% 342.000-346.000
12%
318,000-322.000
3% 146.000-852,000
16%
$22,000-326,000
4% 852,000460.000
17%
$28.000-330.000
5% 160.000-$80.000
18%
830,000-334,000
6% $80,000-S100,000
19%
334,000-138,000
7% Over 3100,000
20%
The surtax rates proposed by the Finance Committee are:
Income.
Saner. Income.
Surtax.
310.000-314.000
1% 536.000-340,000
9%
514,000416.000
2% 840,000446,000
10%
316,000-518.000
3% 346,000-542,000
11%
318,000421,000
4% 352,000458,000
12%
321,000-324,000
5% 358,000464,000
14%
324,000-328,000
8% 564,000470.000
16%
328,000-332,000
7% 370.000-180.000
18%
332,000436,000
8% Over 180.000
20%
Senator Simmons, in another amendment, proposed repeal of all admissions taxes, except to impose a 25% tax on prize fights admissions of
more than $5, and a tax of 50% on a speculator's charge of snore than 50%
of the admission ticket's price.
The North Carolina Senator proposed also to re-insert the graduated
tax on corporations with small incomes, sponsored in the House by Representative Garner. He asked for a cut of the tax on club dues to 5%, or
half the present rate, and for 21
/
2% tax on original issues of capital stock
where the shares are worth $100 or more, and a tax of one-half per cent.
on each stock issue of $20, when the shares were worth less than $100.
on tickets of more than $3, because it would affect only
those going to the grand opera and similar performanc
es.
The Senate also rejected the House reduction
to 5% in the levy on
club dues and put back the 10% levy. Senator
Barkley (D., Ky.) moved
to repeal the club dues tax after the Senate had
voted to increase the
rate from 5 to 10%. His motion lost, 40 to
33. The increase from 5 to
10% was voted, 38 to 35.
These actions were taken on almost straight
party divisions, one Republican, McNary, Oregon, voting with the
Democrats, and one Democrat, Bruce, Maryland, voting with the Republican
s. The attempt to
repeal the admission tax resulted in the first tie
vote of the session,
Vice President Dawes, who once before caused considerabl 40 to 40.
e concern
when he was absent at the time a tie vote was
registered on the confirmation of Charles Beecher Warren of Detroit for
Attorney General, did not
vote.
Shortly afterward, when questioned, he said he had
been informed by
the parliamentary clerk that a tie vote meant that the
amendment was lost—
and he would have voted against it anyhow.
The Senate immediately plunged into an argument
on the question;
this resulted in a reconsideration of the first vote.
The second ballot
brought forth 42 votes to 39 against the amendment
, Senator Cutting of
New Mexico arriving in the meantime and Senator McNary
switching.
The Republican victories, which were regarded as
test votes on the
Republican 3200.000.000 tax reduction plan and the Democratic
$325.000,000 program, came soon after it was learned that
President Coolidge
believes that unless Congress slows up on its appropriat
ions an increase
rather than a reduction in taxes will be necessary.
The President regards as appalling the number of
proposals calling for
special drains upon the Treasury.
He has noted two items in particular, one calling for
an increase in pay
of postal employees and another for a reduction in
postal rates. It was
said both bills, if enacted, would cost the treasury
$58,000,000 in addition
to the regular post office deficit.
On May 9 four hours of the time allotted to the tax bill
was yielded by Senator Smoot to the conference report:on
flood control. The "Times" in noting his added:
Then the Senate took up the tax on hte sale of
produce for, future delivery on produce exchanges. After an hour and
30 minutes of talk, a
vote appeared imminent, but Senator Norris, Insurgent
Republican of
Nebraska, insisted that it go over until to-morrow.
Under existing law $3,000.000 in revenue is derived
from a stamp tax
of one cent per $100 value on theproduce sales. The
House voted to repeal
this tax, but the Finance Committee restored
it. Senator Simmons,
Democrat, has pending an amendment for repeal.
In the debate to-day Democrats, with the exception
of Senator Caraway, demanded the repeal as relief to farmers. Senator
Smoot contended
the tax was a Just imposition upon "market gamblers"
on the produce exchanges. Senator Caraway announced that he would
move to make the
tax 10 cents instead of one cent.
It is proper to state that while the Senate Committee
fixes the surtax on incomes between $80,000 and $100,000
at 20%, in the existing law, and in the bill as passed by the
House last December, the rate is 19%. The Washington
On May 11 the Senate approved the committee's plan
correspondent of the "Journal of Commerce," in noting the
to retain the existing tax of one cent per $100 value on proSenate proceedings on the bill on May 7 said:
duce exchange sales and the present levy of two cnts per
The Senate today rejected the House provisions designed to deal
with $100 value on capital stock transfers.
The following relacorporations created for the purpose of permitting the evasion
of sur- tive thereto
is from the "Times" account.
taxes. It was asserted that these were too cumbersome, and
during the
debate on these provisions the Treasury Department was
criticized for
failing to apply the law already on the statute books. Senator
Simmons
asserted that when the incentive was very great and the practice
of forming
these corporations was very general the Administration did not make
any great use of these provisions; but now, with the surtaxes so low
as to
limit the incentive, the Administration was becoming very active.
Senator King, commenting upon the cumbersome proposals of the
House,
declared that it is impossible under the system set up by Congress
to
determine just what a taxpayer shall pay and that no taxpayer
can determine that fact of himself.
"It seems," said Senator King, "that we legislate in favor of litigation,
instead of in favor of the Government and the taxpayer. I wish we could
burn every tax law we have, start all over again and write a simplified
tax bill free from the difficulties and inequities and from uncertainties
that exist in this bill as well as in the law this bill is to supersede."
•
•
•
Democratic Program.
The Democratic program is headed by a proposal to reduce the corporate
income tax rate to 111
/
2%. With this is the surtax adjustment proposal,
and there are amendments dealing with other features of the tax bill as
follows: One amendment would provide a tax of 21
/
2c. per share on capital
stock of no face value and of 21
/
2c. for each $100 or fraction thereof
where the value is stated. Where the actual value of the stock is less
1
2c. for each $20 of actual value. The prothan $100, the tax is to be /
posal is made to repeal all of the admissions tax, except as to prize fights,
against which a „tax of 25% would be made, while ticket agencies demanding more than 50c. per ticket above the theatre charge for admission
would have to pay 50% of the excess to the Government. The tax on bonds
would be made 21
/
2c. instead of 5c. per $100, and the present 10% tax on
club dues would be reduced to 5%.
Another important proposal of the Democrats, and for the adoption of
which they will fight, is that written into the House bill upon the insistence of Representative John N. Garner, Texas, ranking Democratic
member of the Ways and Means Committee, establishing a three-bracket
schedule of rates for application against corporations with small annual
net incomes. The Administration is more opposed to this than any other
feature of the bill, the repeal of the automobile tax not excepted.
Senator Copeland, in proposing an amendment whereby in the case of
the transfer of the net estate of any decedent dying after the enactment of
this bill, the estate tax provisions of the 1926 law shall not apply. The
New York Senator is seeking the repeal of the Federal estate tax.
On May 8 the Senate voted to exempt from the 10%
admission tax, tickets of $3 and less. Under the House
bill tickets of $1 and under are exempt. As to the further
Defeat of a motion by Senator Caraway, Democrat,
of Arkansas, to
increase the tax on produce exchange sales to 50 cents
per $100 was the
first action. Most of the Democrats had wished
to repeal the tax, as had
been done in the House. Senator Caraway received
the support of insurgent
Republicans, but his proposal was defeated 47
to 24.
The Senate then adopted the Committee recommend
ation concerning
capital stock transfers by a vote of 48 to 39.
The House had voted to cut
this tax in half. On the roll call, Senators
Caraway, George, Gerry, Sheppard, Dill and Neely, Democrats, voted with
the Republicans, and Senators
Moses, Odle, Schell and Dale, Republican
s, with the Democrats.
A move by Senator Simmons, Democrat, of
North Caroline, to repeal the
tax on original issues of capital stock was
beaten 42 to 34. The Senate then
approved the committee plan.
Senator Copeland, Democrat, of New
York, introduced an amendment
whereby taxes on the International
Bridge at Niagara Falls would be
divided between the American and Canadian
Governments. At present,
each Government is permitted to collect
the full tax. No vote has as yet
been taken on this proposal.
McNary-Haugen Farm Bill Passed By House.
By a vote of 204 to 121 the House on May
3 passed the
McNary-Haugen farm relief bill. As adopted
by the House
the bill contains the equalization fee clause carried
in the
measure as it passed the Senate on April 11, reference
to
which appeared in these columns April 14, page 2256.
The
equalization fee provision had been rejected by the
House on
May 2, when, in Committee of the Whole, by a vote
of 141
to 120, it decided to substitute the Aswell farm relief
bill for
the McNary-Haugen measure, the Aswell bill being
similar
to the MoNary bill except that it did not embody the
equalization fee clause. The May 3 dispatch from
Washington to'
the "World" said:
The McNary-Haugen Farm Relief bill, equalizatio
n fee and all, was
passed to-night by the HOMO, 204 to 121, after two days
of parliamentary
mix-ups.
It was after sundown before opponents of the equalizatio
n fee, which has
been the crux of farm aid bill squabbling since the World
War, went down
to defeat by 185 to 146 on a record vote.
The measure now goes to conference before going to the
President, who.
has indicated he will not approve the equalization fee.
The bill provides for a revolving fund of $400,000,000 from which
loans
may be made to co-operative associations or to corporations established
to•
handle surplus crops if the equalization fee did not meet the losses
sustained.
1
MAY
121928.]
FINANCIAL CHRONICLE
2913
$2,500
Luke V. Lockwood
Rich. H. Swartwout
$2,000
Mr.& Mrs. Harry Sachs Mr.& Mrs. Samuel Sachs
Jesse Hirschman
Philip Lehman
$1,500
Alfred A. Cook
Confusion Marks Debate.
$500.00
To-day's session opened with a continuation of the Parliamentary squab- Nelson I. Asiel
Mr.and Mrs. H. Herr- Arthur Ryle
ble that had kept the floor in confusion the preceding day. At times mem- Mrs. W. B. Cutting
man
Arthur K. Salomon
E. Francis Hyde
Arthur Williams
bers were unable to ascertain what was before them. It was even sug- Morris Fatman
Charles Klingenstein
G. L. Winthrop
E. Goodhart
gested that the House, while in Committee of the Whole, report out two Albert
Stieglitz
Sidney S. Prince
Ralph Wolf
Halle
&
House.
separate bills for final vote in the
Elihu Root
Representative Mapes (R., Wis.), who presided, began the day's con$300.00
sideration by overruling a point of order offered yesterday. He held that
Isaac Alpern
the House would consider the Haugen bill, although an amendment by As$250.00
well (D., La.), previously adopted, eliminated all reference to the knotty
Miss C. B. Lydon
Lewis B. Gawtry
equalization fee and was held by its supporters to be in the status of a com- Chellis A. Austin
Mrs.
Mrs.
S.
R.
Guggenhiem Alfred E. Marling
Paul
Baerwald
plete substitution for the Haugen measure.
A. C. Schermerhorn
Paul D. Cravath
Arthur H. Harlow
Aswell moved that the substitution be made in the 60-page bill section by D. M.Cruikshank
Miss J. W. Simpson
J. S. Kronthal
Adolph Lewisohn
August Zinseer
section, and with the temper of the House approaching the maximum limit Leon S. Freeman
F. J. Lisman
ofsafety. Ketcham (R., Mich.)fought vainly to put across his substitute—
$200.00
s debenture plan approved by the National Grange.
Edgar Wachenheim
Councils Get Veto Power.
$100.00
The House approved an amendment by Kincheloe (D., Ky.) giving the
J. F. Feder
Francis L. Slade
Mrs. Max W. Mayer
advisory councils veto power to determine when the equalization fee should Arthur
Lorsch
Mme. Olga Samaroff- Dr. J. S. Waterman
become effective.
Howland Pell
Stokowski
The equalization fee, which has been attacked for years as Governmental
$50.00
price-fixing would be levied against commodities with a good market deDr. S. W. Lambert
mand to offset, losses in surplus products, through domestic warehouse and
$25.00
export channels.
Samuel Ullman
The House defeated an amendment by Black (D., N. Y.), which he said Miss M. G. Radcliffe
$5.00
would shunt the burden of the equalization fee to beer manufacturers, and
Mrs. W.R.Pitt
also blocked a move by La Guardia, (R., N. Y.) to require "stock market Mr. and Mrs. Barnabas Bryan, Jr.
gamblers" to pay the fee.
Since the issuance of the above, the following additional
As the House was ready to vote amid din, shuffling and gavel-pounding. list of
contributors has been issued:
Ketcham failed in an eleventh hour attempt to put across his debenture
$10,000
substitute, and a point of order was sustained against a similar attempt by
New York Evening Post
Hare (D., S. C.) to substitute his marketing bill.
Jones (D., Tex.) successfully offered an amendment making the equaliza$5,000
tion fee apply to meats in storage.
New York Times
"A friend"
On May 4 the House agreed to a conference with the Senate to smooth
"A friend"
out disputed provisions of the bill. The House conferees named were
E. N. Brown, $1,000 additional (total $5,000)
Chairman Haugen of the House Agricultural Committee, Representative
Mrs. Christian Holmes, $4,000 additional (total $5,000
Purnell, Republican of Indiana, and Representative Aswell of Louisiana,
$2,024
ranking Democrat on the committee. The Senate earlier had requested the
Receipts from exhibition at M.ICnoedler & Co.'s Galleries
conference and had designated its conferees. The Senate conferees are
$1,000
McNary, Oregon; Capper, Kansas, and Gooding, Idaho, Republicans, and
John McE.Bowman
Lancaster Morgan and Lewis H. Lapham
Smith, South Carolina, and Ransdell, Louisiana, Democrats.
Henry W. Cannon
John Hill Morgan— G. W. McGarrah
Mrs. H. Casimir de
"In memory of James Hubert T. Parson
Rham
L. Morgan and Alice James H. Post
Karrick Riggs
Subscriptions to Fund for Museum of City of New York. Henry Harkness Flagler Hill Morgan.
Arthur A. Fowler
P. A. Rockefeller
Mr. and Mrs. L. J.
Henry
Grumbach
S.
Glazier
Richard
Sutro
The subscriptions thus far received toward the fund for the
Jerome J. Hanauer
Hamilton Fish Webster
construction of a building for the proposed Museum of the
;
$500.00
City of New York total $1,272,479. The home of the Max Aronson
Leo S. Bing
Mrs. John T.Pratt
William S. Ginnell Jr. Arthur S. Vernay
Otto T. Bannard
museum will be located at Fifth Avenue and 104th Street,
Mrs. William Pollock
on a city-owned site which has been granted on condition
$250.00
Albert Blum
Mrs. Charles Hirshon— Mr. and Mrs. F. M.
that the full $2,000,000 be raised by June 1. James E. Mr.
and Mrs. H. G.
"In memory of Charles Heimerdinger
Speyer is Chairman of the Finance Committee and the
Friedman
Hirshon"
Lewis L. Delafield Jr.
Mrs. George Henry
Treasurer is Raymond E. Jones, 40 Wall Street. The muWarren
seum is to be built by popular subscription and will be dedi$200.00
M. Newberg
Grover Loening
cated solely to a history of the city. It is to contain ex- William N. Cohen
$100.00 1
hibits of the manners and customs of New York from its
Cardinal Hayes
Charles C. Eckholme— Albert P. Loening
earliest beginnings to the present.
G. Richard Davis
"In memory of Mar- Frank J. Muhlfeld
Gherardi Davis
garet 0. Eckholme" Percy F. Salomon
John D. Rockefeller Jr. and James Speyer are the largest Thomas
Dwyer
Jacob F. Haubell
Schmitt Brothers, Inc
Hoey & Ellison
contributors to the fund, having donated $250,000 each. Henry W. George
$50.00
Edward S. Harkness ranks third with a gift of $200,000.
Mrs.E.Magawly Banon Miss Antoinette Bogart Nathan Straus &:Sons:
Other contributors are:
F.C. Wetzel
Inc.
$25.00
$100,000
Mrs. James W. Donahue and Mrs. Charles E. F. McCann, in memory of Mrs. L. V. Bell
Philip Leserman Jr.
Frederick C. Hormer
Mrs. B. K. Cutter
their father, the late F. W. Woolworth.
Kennedy & Co.
Mrs. Albert P. Loening
Mrs. R. A. de L. Mayer Theodore A. Kohn &
Marcus M.Munsill
$50,000
Mrs. Albert Heidelbach
Meyer Stern
Son
George F. Baker and George F. Baker Jr.
$20.00
$25,000
Lafayette A. Goldstone Misses B. and L. Morgenstern
Michael Friedsam
Archer M. Huntington
V. Event Macy
$15.00
Thomas F. Ryan
Walter P. Mcreigue, Inc.
$10,000
$10.00
Murry Guggenheim
Arthur Lehman
Frank Bailey
Mrs. Ethel B. Stewart
"A. B."
Louis Jerome
Frederic A. Julliard
Simon Guggenheim
Mortimer L. Schiff
Frederick A. Thomas
Martin
Mrs.
J.
M.
George
B.
Adams
Mrs. John S. Kennedy
Sol. H. Guggenheim
Paul P. Tihanyi
Dr. Bruce Blair
Louis J. Rosett
MISS Sarah B. Tilton
$5,000
August E. Gautier
H. J. Sachs
Joseph H. Tilton
George R. Schmidt
George W. HaffeY
Charles Hayden
Mrs. C. B. Alexander
Henry Ruhlender
I. Solomon
Samuel Jaeger
Adrian Iselin
Jules S. Bache
Arthur Sachs
Dunlevy Milbank
"A Friend"
Chanes M. Schwab
$5.00
Jeremiah Milbank
Myron C. Taylor
George Blumenthal
Charles Rose
John R. Hackes
John J. Bellman
DeWitt Millhauser
Mrs. F. Campbell
Orlando F. Weber
Miss Elizabeth H.
Hall
Thomas
F.
Melville
H.
Cane
Mr. and Mrs. Robert Dr. Wm.H. Nichols
Sabine
William
P.
Hanlon
Louis Eisenberg
W. de Forest
Miss Sadie J. IIertrich Frank and Robert
Sam Finlay
$4,000
Schlesinger
Mrs. A. V. W.Jackson
FitzGerald
Miss
Ann
E. N. Brown
R. W. Sexton
James Madison Follin S. H. Kaplan
Barney Shapiro
Mr. and Mrs. F. M.
Dr. Max J. Giber
$1,000
Shoecraft
Shop, Inc.
Liska
Dr. William C. Gilley
Mrs. Morgan Hamilton Post & Flagg
Paul Baerwald
F. Hodgekins SilverMiss Anna B. Mark
Marcus Glaser
W. A. Harriman
Ralph Pulitzer
Stephen Baker
thorns
M.
Messer
J.
GramMiss
Caroline
Charles D. Hines
John J. Riker
Harry S. Black
Edwin F. Skillman
W. E. Pinches
mer
Mrs. Christian Holmes Ernst Rosenfeld
Hugo Blumenthal
J. J. Weinhandler, Jr.
Miss Frieda L. Haase K. J. Rahlson
John Hubbard
Walter N. Rothschild
Robert S. Brewster
Phoenix Ingraham
Walter E.Sachs
Harry Bronnor
Mrs. Helen Hartley
D. Schnakenberg
James Brown
ITEMS ABOUT BANKS, TRUST COMPANIESI&C.
Jenkins
Edwin A. Seasongood,
Mrs. Andrew Carnegie
Henry Seligman
Mrs. Barron G. Collier Ralph Jonas
The transfer of six New York Curb Market memberships
Clarence H. Kelsey
John Sloane
Harry Content
Mrs. Fritz Kreisler
Lloyd W. Smith
R. Fulton Cutting
was
approved this week comprising the following: that of
Kress
Samuel
II.
R.
A. C. Smith
Bashford Dean
Leon H. Kronthal
Charles Stolle
Browning to Robert Plant for $90,000; that of Philip
Cleveland E. Dodge
0.
F.
Adolf Kuttroff
Frederick Strauss
Mrs. Cleveland H.
Camman to Arthur J. Pollard for $90,000; that of William
George Leask
Herbert N. Straus
Dodge
Herbert H. Lehman
Henry W. Taft
Frederick H. Eckor
A. Bluett to Alan K. Shaw for $80,000; that of Harvey M.
Mrs. Herbert H. Leh- E. Van Raalt,e
Otto M. Eidlitz
Felix M. Warburg
man
Mr. and Mrs. R. ErbAnness to H. W.Phelps for $70,000; that of Robert Gaidlaw,
Le
Roy
Mrs.
F.
Robert
W.
Warburg
sloh
Whitehouse & Co.
deceased, to Melville H. Beams, Jr., for $85,000; and that
Mrs. Walter Gay, Paris Richard P. Lydon
Albert H. Wiavin
Henry Morganthau
Philip J. Goodhart
of A. L. McCabe,deceased, to Lewis 0.Sheridan for $80,000,, •
O'Brien
Mrs.
A. Woerishoffer
Mrs. Philip G. Gossler Morgan J.
Mrs. Alfred Duane Pell Willis 0. Wood
Edwin Gould
Federal Board Created.
Itrcreates a Federal Farm Board of twelve, to be supplemented by advisory councils to be chosen by producers of affected commodities, clothed with
authority to administer the act. One provision would insure co-operatives
that the average selling price of the commodity dealt in should not be less
than the average price at which it was bought.
E. A. Pierce & Co.
2914
FINANCIAL CHRONICLE
_[VOL. 126.
J. P. Morgan returned May 4 on the Aquitania after a six
Completion of the organization of the Interstate Trust Co's.
weeks' trip abroad.
investment subsidiary, the Interstate Corp., is announced
by George S. Silzer, President of the trust company. The
The Chemical National Bank of New York announced corporation, which will conduct a general investment busiMay 3 the appointment of Amos B. Foy as an Assistant ness, opened its offices May 7 at 55 Liberty St. Active
Cashier. Mr. Foy was in the banking business in South charge of the
Interstate Corp. will be in the hands of Eberle
America for several years and for the past three years has I. Wilson, Vice President, formerly of Edward B. Smith
been a national bank examiner in New York City special- & Co. In a letter to stockholders of Interstate Trust Co. the
izing particularly in foreign work.
Organization Committee of the Interstate Corp. states that
favorable response to the proposed plan has been received
Two important departments of The National City Bank from a majority of
stockholders of the Interstate Trust Co.
of New York were opened, May 7, at 52 Wall Street, the and the committee,
therefore, declares the plan in effect.
compound
Company.
new home of The National City
The
To take advantage of the plan, the stock certificates of
Interest department will occupy quarters on the ground floor Interstate Trust Co.
were required to be presented at the
of the new building, easily accessible either from Wall Street principal office of the
company at 59 Liberty St. May 7.
or Pine Street, while the trust facilities will be located on the The subscription price of the capital
stock of the new corpomain banking floor, reached by a separate entrance on Wall ration, which is issued on a share
for share basis for stock
Street giving onto a broad stairway leading directly to the now held in the Trust Co., is $20
per share. Officers of the
new department. While the compound interest department newly formed
corporation are George S. Silzer, Chairman of
of The National City Bank has been in operation at all the Board; Isaac Alpern, President;
E. I. Wilson, Vicetwenty-four branches of the bank, the opening of the new President; Paul
Beardslee, Secretary; Harry P. Aumack,
quarters at 52 Wall Street this week marks the formal es- Treasurer; and John
T. McMahon, Assistant Treasurer.
tablishment of this department in the financial district and The Board of Directors
includes E. N. Brown, Chairman,
so far as can be ascertained The National City Bank is the St. Louis & San Francisco Railway
and Chairman, Chicago,
first of the large downtown commercial institutions to pro- Rock Esland & Pacific Ry.; De Witt
Millhouser, of Speyer
vide special facilities for the handling of compound interest & Co.; Arthur P. Smith, Vice-President,
Interstate Trust
accounts. The growth of both these departments has been Co.; Ralph Wolf of Speyer & Co.;
William V. Griffin, Presirecent
rapid, Charles E. Mitchell, President of the bank, in a
dent, Brady Security and Realty Corp.; Isaac Alpern,
statement, placing the number of depositors in the compound President, Perth Amboy Trust Co.;
George S. Silzer, Presiinterest department at 175,000 after six years of operation. dent, Interstate Trust Co.; Edwin D.
Hays, Attorney,
The trust department of the bank was established in 1919 Hays, Hershfield & Wolf; Albert T. Johnston, Vice-President,
and the growth of this part of the National City organization The Borden Co.; Howell M. Stillman, Vice-President,
also has been steady and rapid.
Interstate Trust Co.; and Eberle I. Wilson, Vice-President,
Interstate Corp.
The American Exchange Irving Trust Co. announced on
May 3 the appointment of George W. Berry, Vice-President,
Nathan S. Jonas, President of Manufacturers Trust Co.,
to take charge of the Flatbush Office of the company, at states that at meetings of the Board of Directors of ManuFlatbush Avenue and Linden Boulevard, Brooklyn. He will facturers Trust Co. and United Capitol National Bank &
retain supervision of the Brooklyn Office, at 350 Fulton Trust Co. held May 10 arrangements were completed for the
Street, which has been under his direction for the last five acquisition by Manufacturers Trust Co. of the United
years. Stanley T. Wratten, Assistant Vice-President, will Capitol National Bank & Trust Co. The announcement
says:
join the official staff of the Brooklyn office.
At a recent meeting of the Board of Directors of the
Chatham Phenix National Bank and Trust Co. of New York,
Fred M. Kirby, Vice-President of the F. W. Woolworth Co.,
and Frank Phillips, President of the Phillips Petroleum Co.,
were elected members of the Board.
At a meeting of the Director- s of the American Union Bank,
of New York, held April 10, the following were elected
Members of the Board, A. A. Clarke, S. Field and Ralph
D. Ward.
Charles H. Silver of the A- merican Woolen Co. has been
elected a director of the Bank of United States this city.
Rights of stockholders and employees of Chelsea Exchange
Bank to purchase the A and B stocks of the newly formed
Chelsea Exchange Corporation at $10 and $2.50 per share,
respectively, expired April 27. The temporary receipts to
be issued, based on the quoted $28 bid for the rights to the A
stock and $17 bid for the rights to the B stock, have a total
market value of $1,125,000. The stockholders and employees paid in $312,500 for the total issued and outstanding
25,000 shares of A stock and 25,000 shares of B stock. Stockholders were given the right to buy one share of A stock and
one-quarter share of B stock for every share held as of April
10. The bulk of the B stock was sold to employees, officers
and directors. Definitive certificates were issued this week.
Lewis H. Rothchild, President of Chelsea Exchange Corporation, announced the directors of the corporation as follows:
Jules E. Brulatour, Eastmak Kodak Co. and Director,
Famous Players; Louis Golde, S. Golde & Sons; Victor H.
Gramount, Wood Struthers & Co.; Toney A. Hardy, Attorney; George Kern; A. E. Lefcourt, President, Lefcourt
Realty Holdings; Edward S. Rothchild, President, Chelsea
Exchange Bank; Herbert J. Yates, President, Consolidated
Film Industries; and Lewis H. Rothchild. Items regarding
the corporation appeared in our issues of April 7, page 2094
and April 14, page 2261.
This will be accomplished by an exchange of nine-twentieths of a share
of Manufacturers Trust Co. stock for one share of the United Capitol
Bank & Trust Co. stock. This will require the issuance of 22,500 shares
additional of Manufacturers Trust Co. stock and when the combination is
completed the capital of Manufacturers Trust Co. will be $17,500,000 and
the surplus and undivided profits approximately $32,500.000.
Simultaneously with the effectiveness of the consolidation, by further
resolution of the Board of Directors of Manufacturers Trust Co.. the par
value of its stock will be reduced from $100 to $25 a share by splitting the
same on the basis of four shares for one,and the new stock issued accordingly.
The split-up will provide a better opportunity for investors of moderate
means especially among the customers of the bank to purchase stock of
the Company enabling them to share in the prosperity of the institution
which their relationship with it has helped to build.
The United Capitol National Bank & Trust Co. is in itself a combination
of the Capitol National Bank, the United National Bank and the Longacre
Bank.
When the present consolidation is completed the combined institutions
will have total deposits of approximately $275,000,000 and thirty offices
In four boroughs in the City of New York.
Max Radt, formerly President of the Capitol National Bank & Trust Co.
Sidney H. Herman, formerly President of the United National Bank and
Frederick K. Telpel, formerly l'resident of the Longacre Bank, will all be
continued in important executive positions with the Manufacturers Trust
Co., and all other officers and employees of these combined banks will be
retained by the Manufacturers Trust Co.
It is also stated that since the organization of Manufacturers Trust Co. (as the Citizens Trust Co.) in 1905, it
has participated in a total of thirteen combinations, including
the one with the United Capitol National Bank & Trust
Co. Following is a chronological record of the Institutions
which have been combined with Manufacturers Trust Co.
and the dates that the combinations became effective:
Broadway Bank, July 1 1912; Manufacturers National Bank, Aug. 1;
1914: West Side Bank, June 15 1918; Ridgewood National Bank, Sept. 1
1921; North Side Bank, April 28 1922; Industrial Bank, Dec. 18 1922;
Columbia Bank, Aug. 14 1923; Yorkville Bank, April 1 1925; Gotham
National Bank, June 11925; Fifth National Bank, June 11925; Commonwealth Bank, July 29 1927; Standard Bank, July 29 1927.
The Central National Bank of the City of New York by
a resolution of its Board of Directors has called a special
meeting of stockholders for the purpose of approving a proposed increase In the capital stock of the bank from $2,000,000 to $2,500,000 through the sale of 5,000 additional shares.
Present stockholders of the bank will be given the right to
subscribe to the new stock at $175 per share upon the basis
of one new share for every four shares of the old stock
Stevenson E. Ward, President and Harry P. Banand, held. At the
prevailing market prices of Central National
Vice-President of the National Bank of Commerce in New Bank stock the
new issue represents a bonus to stockholders
York, have returned from a trip of several months to London of more
than $350,000. The increased capital will provide
and the Continent.
for further expansion of this bank's business which has
-
MAY 12 1928.]
FINANCIAL CHRONICLE
instishown a rapid growth since the establishment of the
the
of
offices
banking
main
The
1926.
tution in January
Central National are located in the Central National Bank
Building at Broadway and Fortieth Street in the Times
Square District. Two branch offices of the Central were
established in the Bronx, on May 1, 1927 at 5 West Burnside Avenue near Jerome, and on January 1 1928 at 62-64
East Mt. Eden Avenue near the Concourse. The Central
National Bank now has a capital of $2,000,000, surplus and
undivided profits of $525,000, deposits of $10,500,000 and total resources of $15,000,000. There has recently been organized an allied investment corporation known as the Central National Corporation for the purpose of dealing in
securities and underwritings. This company was incorporated with an authorized issue of 150,000 Class A shares
and 100,000 Class B shares and is located at Broadway
and Fortieth Street in the Central National Bank Building. After giving effect to the increased capitalization of
the Bank, the capital funds of the bank and the securities
company will be in excess of $6,000,000.
2915
On May 9 the Springfield National Bank completed thirtyfive years of service, it having opened for business on that
date in 1893 with a capital of $200,000. The bank's first
statement—as of July 12 1923—showed deposits of $230,327
and total resources of $530,492. To-day the Springfield
National Bank is an institution with deposits of $14,107,868
and total resources of $16,655,343. The personal of the
institution is as follows: Henry A. Field, Chairman of the
Board; Wallace V. Camp,President and Trust Officer; Clifton
A. Crocker, Ralph P. Alden and Philip S. Beebe, Vice-Presidents; Ernest J. Weeler, Vice-President and Cashier, and
Alvin W. Gray, Guy W. Downer, and Cahill A. Tolman,
Assistant Cashiers.
The Guaranty Trust Company of Newark, N. J. took
action on April 29 toward charging the par value of its stock
from $100 to $25. Stockholders of the company have been
notified to exchange one share of the old stock for four of the
new stock before May 15. Edward.Schoen, President, states
deposits have reached the $2,000,000 mark, and earnings,
for the past quarter, were 12% on the capital.
The stockholders of the Clinton Trust Company of Newark, N. J., on April 24 approved plans to increase the capital
of the institution from $500,000 to $700,000 through the issuance of 2,000 new shares of stock with a par value of
$100. Each stockholder holding five old shares of stock
will be entitled to purchase two new shares at $350 a share.
The increase in capital will become effective July 1. An
item regarding the proposed increase in capital appeared
Henry P. Turnbull was elected a director of the Hanover in these columns April 21, page 2426.
National Bank of this city on May 8. Mr. Turnbull is a
Samuel H. Barker, President of Bankers Trust Co. of
Vice-President of the bank.
Philadelphia, who will be President also of Bankers Securities
—•-30, issued the following statement:
W. H. Woodward, of Clinton Gilbert, has been elected a Corporation, on April
"Bankers Securities Corporation will start business with some 2,000
director of Seward National Bank of New York.
stockholders owning the $10,000.000 capital stock for which they will pay
The Guaranty Trust Co. of New York announced on May
10 five official appointments at foreign offices. Charles F.
Brown was appointed Secretary of the company's Paris office;
Horton P. Kennedy, Treasurer of the Paris office; and
Gustave Pressac, Auditor at Paris. Omer V. Claiborne was
appointed Secretary at the company's Brussels office, and
Rene H. Masson Auditor at the Havre office.
into its treasury $12,000,000 without deduction or charge for underwriting
selling commission of any kind.
The election of six new directors to the board of the Sixth or"Allotment
warrants for the 6% cumulative participating preferred stock
the
by
on
authorizati
following
York,
New
Avenue Bank of
were received last Saturday by the 1'076 stockholders of Bankers Trust
subscribe share for share for 61,500
State Banking Departmentof the addition of eight new mem- Company who were given rights towho
subscribed for a total of 163,726
and, today by 754 others
bers, was announced this week by C. W. Korrell, President. shares,
shares, against 108,500 the entire free amount of stock available to meet
an
of
17
members
of
total
The new additions give the board a
such subscription.. All subscribers up to 50 shares were alloted full amount,
authorized 19, two directorships remaining vacant. The new the balance in proportion to the size of their subscriptions.
Items regarding the new corporation appeared in our issues
directors are Edwin J. Bruns, Jr., a member of the New
2426.
York Stock Exchange; Julius Bloomfield, President, Julius of April 7, page 2095 and April 21, page
Feldman,
Irving
Barbano;
J.
Louis
Inc.;
Co.,
Bloomfield
At a meeting of the directors of the Girard Trust Co. of
President, New York Realty Operators, Inc.; Charles L. Philadelphia on May 3, Elisha Lee, Vice-President of the
Doty, Vice-President, Sixth Avenue Bank; and Harry L. Pennsylvania Railroad Co., was added to the Board, acBarth. The Sixth Avenue Bank opened for business January cording to the Philadelphia "Ledger" of May 4.
3, 1928; net deposits, it is stated, total over $2,500,000, while
A special meeting of the stockholders of the Belmont
resources total over $3,500,000. The bank started business
with capital of $750,000 and surplus of $250,000. Other Trust Co. of Philadelphia will be held on July 16 next to
members of the board include C. W. Korrell, President, vote on a proposed increase in the bank's capital from
Sixth Avenue Bank; John T. Geery, President, Geery, $250,000 to $500,000, recommended by the directors on
Guthrie & Co.; Henry Fruhauf, Partner, Fruhauf Bros. Co.; April 27.
Jules G. Horine, Vice-President, Troy Laundry Machinery
A special meeting of the Corn Exchange National Bank
Corp.; Louis Lauer, President, Lauer Mfg. Co.; Clarence of
Philadelphia will be held on June 12 to vote on a proposal
W. Lewis, Vice-President, Indemnity Insurance Co. of
change the name of the institution to the Corn Exchange
to
&
Heyman
President,
Heyman,
North America; William
Bank & Trust Company of Philadelphia and also
National
Goodman,Inc.; John A. Mullen, Mullen & Bloch, Attorneys;
one additional member of the board, according
for
to
vote
Otto A. Schroeder; Howard Young, Howard Young Galleries;
a "Ledger" of May 11.
the
Philadelphi
to
and Luther G. McConnell, Vice-President, Sixth Avenue
Bank.
William Jenks Wright of Janney & Co. has been elected
of the Colonial Trust Co. of Philadelphia, accorda
director
The Eastern Exchange Bank of this city on May 5 moved ing
the
Philadelphia "Ledger" of May 11.
to
to its original location at 37 Broadway. The Bank occuwhich
pies the ground floor of the new Harriman Building,
The Pennsylvania Trust Co. of Reading, Pa. announces
was formally opened May 8. During the construction of the death on May 7 of Fletcher E. Nyce, a Vice-President
the new building the bank was housed in temporary quar- of the institution.
ters at 10 Broadway. R. L. Bigelow is President of the
The Bank of Italy, National Trust and Savings AssociaBank. The directors are:
with headquartersin San Francisco, The Bank of Amertion,
Bank.
Savings
Clarence 0. Bigelow, President, West Side
National
Association, New York, and The Bancitaly
ica,
R. L. Bigelow, President.
Knowlton Durham, Blake, Durham, de Milhau & Conwell, Attorneys.
Corporation, have opened a joint agency in Chicago with
Lafayette B. Gleason, Gleason & Carlton, Attorneys.
offices at 208 South La Salle Street. The Chicago interests
Inc.
E. Roland Harriman, Vice-President, W. A. Harriman & Co.,
of the two banks will be in charge of Arthur A. Wilson,
Maurice Leon, Evarts, Choate, Sherman & Leon, Attorneys.
Vice-President of The Bank of Italy National Trust and
George L. Ohrstrom, G. L. Ohrstrom & Co.
Hamilton Pell, Vice-President, NV. A. Harriman & Co., Inc.
Savings Association, who was formerly in charge of that
of
Chairman
and
President
formerly
Howard Y. Thurber (retired),
bank's business in Sacremento, California. Joseph F.
Board, New York Telephone Co.
Govan, Vice-President of Bancitaly Corporation will be in
At a special meeting held May 7 the stockholders of the charge of the Investment activities of the Chicago office,
Springfield National Bank, Springfield, Mass., voted to in- which will include originations, retail distribution and tradcrease the bank's capital from $500,000 to $1,000,000. The ing in investment securities. Mr. Govan was recently
5,000 shares of new stock (par value $100 a share) will be Pacific Coast representative of Halsey, Stuart & Co., and
offered to stockholders at the price of $150 a share. With is a former resident of Chicago, having been formerly conthis new capital paid in, the combined capital, surplus and nected with that firm in Chicago.
undivided profits of the institution will be over $2,400,000.
2916
FINANCIAL CHRONICLE
• The Boulevard Bridge Bank of Chicago announces the
appointment of James A. Donovan as manager of its bond
department. Mr. Donovan has been associated with the
investment house of Whiting & Co.
•
On May 2the First Wisconsin National Bank of Milwaukee
celebrated the 75th anniversary of its founding. The institution was organized by a small group of leading citizens of
the day (1853) under the name of the Farmers' & Millers'
Bank and opened for business in a small one-room office at
204 East Water St.—less than a block from the location of
the modern 16-story office building which houses its descendant, the First Wisconsin. The capital was $50,000.
With the passage of the National Baiik Act in 1863, the
Farmers' & Millers' Bank was reorganized as the First
National Bank with a capital of $200,000. Its career was
successful from the first and it ranked as one of the strongest
institutions in the Northwest. Its position was strengthened
through a series of mergers covering a period of 56 years,
culminating in its cosolidation, on July 1, 1919, with the
Wisconsin National Bank to form the present First Wisconsin
National Bank, giving Milwaukee a bank capitalized at
$6,000,000 and with resources of over $100,000,000. The
trust departments of the two banks were combined and
organized as the First Wisconsin Trust Co., and in January
of the following year (1920) a separate investment unit, the
First Wisconsin Co., was organized to take the place of the
bank's bond department. The three institutions, commonly
referred to as the First Wisconsin Group, form an organization with combined resources of $135,000,000, said to be the
largest northwest of Chicago. The following description of
the celebration has been sent us by the bank:
Spinning wheels and spinets, pretty girls in costumes of 1853, anti appropriate souvenirs brought the spirit of the pioneer days into the lobby of the
First Wisconsin National Bank, as they celebrated their seventy-fifth
anniversary on May 2nd. Over 25,000 people attended the open house
reception held in the bank lobby on that day. Girls in costumes of 1853
acted as hostesses for the day and distributed souvenirs—small packages of
candy and cigarettes in specially designed wrappers.
The real feature of the day was the exhibit of relics and documents giving
a picture of the life of Milwaukee 75 years ago when the first forerunner of
the First Wisconsin was organized. A typical room of that day was arranged
in the center of the lobby and attracted a great deal of interest, particularly
among the older generation.
A special reception for school children was held on Saturday morning
and several thousand youngsters swarmed in to receive their souvenir quill
pens from a teller dressed in a costume of pioneer days. These souvenirs
were given out at a special boys' and girls' window which has been set
aside for a permanent savings headquarters for children.
One of the chief co-operators in gathering the exhibit was a real pioneer
who came to Milwaukee 77 years ago and who had been a customer of the
original Farmers' and Millers' Bank from which the First Wisconsin traces
its origin.
Purchase of the asets and business of the People's Bank
of Center, Mo., by the Farmers & Merchants Bank of that
place was approved on April 30 by State Finance Commissioner S. L. Cantley, according to a dispatch from Jefferson City on that day to the St. Louis "Globe-Democrat,"
which, continuing, said:
Combined total resources of the two banks approximates $550,000.
The Farmers and Merchants Bank was chartered August 14 1895 and
the bank taken over was organized in August 1908. The latter will be
disincorporated when the merger is completed.
The application to organize the American National Bank
of Mobile, Ala. was approved by the Comptroller of the
Currency on April 21. The institution which will begin
business about July 1, will have a capital of $500,000 and
surplus of $250,000. The officers are Wm. C. Thompson,
President; S. A. Tonsmeire, Vice-President and Cashier.
C. R. Keener of Montgomery, Ala., was recently elected
Vice-President of the Bank of Tuskegee, Tuskegee, Ala., and
assumed his new duties on May 1, according to the Montgomery "Advertiser" of that date. Mr. Keener recently re• signed as director of agencies for the State of Alabama for
the Folmar Agency of Montgomery, Troy and Birmingham.
• Previous to his connection with the agency he was Assistant
State Superintendent of Banks of Alabama. The Bank of
Tuskegee, one of the oldest banks In Alabama, is capitalized
at $50,000 with surplus of like amount. John Drakeford
Is President.
Supported by a tall tower erected for the purpose on the
roof of its Pryor Street office In Atlanta, the Atlanta and
Lowry National Bank has placed a great revolving electric
beacon of 8,000,000 candle power which the United States
Government has accepted as a part of its Airway System
and which was officially put into service on May 1 when
the new Air Mail Service from Atlanta through the Southeast was inaugurated. The beacon, which revolves twice a
[Vox.. 126.
minute, will be operated by the bank continually during
the hours of darkness as a guide to aviators and a demonstration of faith in commercial aviation.
The officers and directors o- f the First National Bank of
Tampa announce the death of T. C. Taliaferro, Chairman of
the Board, in Baltimore, Md., on April 11.
The Fort Worth State Bank, Fort Worth, Texas, recently
changed its title to the American Bank & Trust Co. Under
its new charter the bank is not only able to
do a general
banking business, but to conduct a trust department as well.
George H. Colvin has succeeded M. R. Sanguinet as President of the institution—otherwise no change has
taken
place in the bank's personnel.
Effective April 4, the First National Bank of
Grant
County at Canyon City, Ore. (capital $40,000), was
placed
in voluntary liquidation. The bank was
absorbed by the
Grant County Bank of John Day, Ore.
According to the Baltimore
- "Sun" of May 9, Robert S.
Mooney, President elect of the new United States
Trust Co.
now being organized in that city, announced on
May 8 that
William F. Broening, Mayor of Baltimore, will
be a VicePresident of the new institution. Mr. Mooney
furthermore
stated that plans for starting the trust company are
making
satisfactory progress and the following will
make up the
original Board of Directors:
Isaac Lobe Straus, Attorney; William
Biel, Treasurer and General
Manager Cohen & Hughes; Arthur S. Dulaney,
President, Fruit Puddine
Co.; L. E. Jones, L. E. Jones Wire Works;
William F. Kelly, Attorney;
William A. Gillespie, auditor; Robert S.
Mooney, banker; Joseph Fink,
President Kranz-Smith Piano Co.; William F.
Broening, Mayor of Baltimore; Charles Jacob, President Jacob
Bros. Co., Plano Manufacturers,
New York City; Irvin A. Schloss, Vice-President
Schloss Bros., and Percy
Williams, Credit Manager.
An item regarding the organization of the
new trust
company, which will begin business with a
capital of $1,000,000 and paid in surplus of $650,000, appeared
in the
"Chronicle" of Apr. 7, p. 2098.
On Monday of this week (-May 7) the head
office of the
Royal Bank of Canada was opened for business in
the handsome new 22-story Royal Bank of Canada Building
on St.
James Street, Montreal, which the bank has
had under
nonstruction for a long time, according to
the Montreal
"Gazette" of May 8. The transfer to the new
building as
iffec ted without interruption to business.
THE CURB MARKET,
Curb Market trading continued at a rapid pace
this week,
in fact on Monday the turnover in stocks was
the heaviest
on record. Prices moved upward many new
high records
being made. Public Utilities were the most
conspicuous.
American Gas & Elec. ran up from
1563/i to 184 and finished to-day at 17734. Central States Elec. com,
sold up
from 85 to 1083g. Mohawk Valley Co.
advanced from
58% to 693
% and reacted finally to 653
%. Nat. Elec.
Power, class A, moved up 83. points to 393/3.
United
Gas Imp, dropped from 150 to 144%,
recovered to 14934
and closed to-day at 148%. Among industrials
Aluminum
Co. corn. WKS heavily traded in up from 14
to 170, and
93/8
at 162 finally. Atlas Plywood improved from
803i to
863/8. General Baking corn. on unusually
heavy sales
93%
rose from
to 145
%, the final transaction to-day
being at
14%. Adolf Gobel com. sold up from 1073 to
ends the week at 115. Mengel continues to1193/ and
advance,
moving up from 117 to 127% and reacting finally to
1223..
Minneapolis-Honeywell Regulator, corn,
improved from
%
3
39 to 46 and closed to-day at 44. Niles
-Bement-Pond
corn. from 50% reached 89 and sold finally at
753. Oils
were irregular. Humble Oil & Ref. advanced
from 783
to 83 and closed to-day at 813.. Penn. Mex.
Fuel sold up
from 50 to 65 and at 56 finally. Gulf Oil rose
from 12634
to 134 and ends the week at 13334.
MI DAILY TRANSACTIONS AT THE NEW
YORK CURB MARKET.
Week Ended
May 11.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
*STOCKS (No. Shares).
Indus. dk
Miscell.
Oil.
Mining
Total.*
BONDS (Par Value).
Foreign
Domestic. Government.
STOCK EX CH A HOE CL OSED.
1 091,870 238.470 102.060 1432400
891.410 197,300 61.800 1.160.510 S4.818,000
3.793,006
895,800 220.990 100.010 1,216,500 4.072,00'
860.950 177,560 192,990 1.231,500 3.420.00i
868.455 240.000
95.240 1.203,695 4,151.00,
8876,000
762.000
876.000
858,000
413.000
Total
4.608.486 1.074.320 552.100 6.244.905 S20.260.00, 83.785,000
• In addition, rights were sold as follows:
19,000: Tuesday. 33,500;
Wednesday, 19,100; Thursday, 11,800: Friday,Monday.
44.400.
t Largest single day's transactions to date In the history of the Curb
merges.
MAY 121928.]
FINANCIAL CHRONICLE
2917
Waba h and by Western Maryland. Both Wright
THE WEEK ON THE NEW YORK STOCK EXCHANGE. lished by
continued their remarkable upward sweep,
Curtiss
and
centered
again
was
Interest in the stook market this week
15 points to a new high, while Curtiss
gaining
former
the
largely in the railroad issues, though the aeroplane shares Aeroplane sold up to 1453/8. Copper stocks also were
various
at
attention
speculative
attracted considerable
featured, Greene-Cananea advancing eight points to 126
times and both motor issues and industrial stocks have and both Kennecott and American Smelting & Refining
made some progress upward, particularly in the early part moved to higher levels. Public utilities were generally
of the week. Speculation was especially heavy on Mr higher and oil shares were moderately firm.
and Tuesday, but gradually lessened as the week advanced.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
Brokers' loans reached a new peak at $4,361,108,000 and
DAILY. WEEKLY AND YEARLY.
week.
showed an increase of $79,451,000 over the previous
State,
United
Railroad,
Stocks,
The avalanche of buying that came into the market on
Municipal &
States
&c.,
Number of
Week Ended May 11.
Bonds.
Foreign
Bonds.
Bonds.
Shares.
of
many
carried
Monday, following the two-day holiday,
EXCHANGE CLOSED
the active speculative leaders to new peaks in all time. Saturday
8475,500
83,134.000
$8,308,500
4,424,480
Monday
706,000
3,179.000
The outstanding feature of the day was the strength of Tuesday
8,651,000
4,160,990
576,000
3,584.000
7,658,000
3,955,615
Wednesday
at
General Motors which opened on a sale of 8,500 shares
1,400,500
3,925.000
7,724,500
3.598.590
Thursday
271,000
2,646.000
10,605,000
4,032,000
210, and established the highest record in its history. In Friday
33.429.000
20.171.675 842.947.000 816.468 000
Total
the closing hour it reacted downward to 2083/2. Chrysler
%,
followed with a new top at 7534; Nash moved up to 893
Jan. 1 to May 11.
Week Ended May 11.
Sales at
• and Hudson Motors reached 934 at its high for the day.
New York Stock
1927.
1928.
1927.
1928.
Exchange.
Railroad shares moved briskly forward under the guidance
197,042,391
295,118,612
9,861,773
20,171.675
No. of shares__
Stocks,
when
1914
since
best
its
reached
which
Pacific,
Canadian
of
Bonds.
8120,243.350
868.851.750
$3,429,000 $5,237,050
Government bonds_ _ _
it crossed 220. One of the most spectacular movements State
363.186.900
333.051.125
and foreign bonds 16,468.000 16,031,500
905,882,050
of the day was the advance of Radio Corporation which Railroad & misc. bonds 42.947,000 47,919,500 1,221,902.325
of
gain
net
a
with
205
at
shot upward to 2053/2 and closed
862,844.000 869.188.050 81.623.805.200 81.389.312.300
Total bonds
% points. The public utility stocks were uniformly
213
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
BALTIMORE EXCHANGES.
strong, Columbia Gas and North American selling at their
top prices on the present capitalization. Other strong
Baltimore.
Boston.
Philadelphia.
Week Ended
stocks of the day included such issues as Curtiss Aeroplane,
Shares. Bond Saks. Shares. Bend Sat.:. Shares. Bond Sales.
May ll 1028.
Electric Auto-Lite and American Tobacco "B." One of
HOLI DAY
Saturday
15.694
*3.5.500
313,000
the outstanding features of the late trading was the incessant Monday
$50,230 a130,802
*81,486
41.800
33,400
11,331
18,450 a136,915
.60,706
Tuesday
which
Engineering
Combustion
International
for
demand
54,000
8,119
9,300
40,200 0138,204
*51,977
Wednesday
48.100
56,400
6,209
a99,590
26.700
.61,337
Thursday
advanced about eight points to a new high record at 61.
117.700
10.657
18.000
6,000 a50,370
64.000
Friday
The market opened strong on Tuesday, but as the day
52,010 8297,100
319,506 $141,580 555,881 $130.100
Total
advanced it became increasingly irregular. Intrest cen55.726 1340.600
8163.900
332.069
inn
12211
054
242
lamokravtaari
Pray
tered to a large extent in the aeroplane stocks, Curtiss
sales of rights were: Monday, 4.869; Tuesday. 5.208: Wednesday.
addition
.In
folWright
points
over
a
and
of
10
with
gain
133
crossing
5,294; Thursday, 3.907.
a In addition sales of rights were: Monday. 15,500; Tuesday. 23.900: Wednesday.
lowed with a substantial gain. Radio Corporation raised
23.100: Thursday. 14.2004
its top to 209 in the opening hour, but slipped back about
Victor Talking Machine reached its
four points.
COURSE OF BANK CLEARINGS.
highest since listing. Railroad issues were again promicontinue to record notable gains as comclearings
Bank
York
New
and
Rock
Island
nent in the forward movement,
ago. Preliminary figures compiled by
year
a
with
pared
Central taking the lead, while Wabash advanced more than
from the chief cities of
five points to a new high at 92. Railroad stocks assumed us, based upon telegraphic advices
week ending to-day
the
for
that
indicate
country,
the
the leadership of the market on Wednesday, New York
for all the cities of
Central standing out conspicuously in the advance with a (Saturday, May 12) bank exchanges
to obtain weekly
it
possible
is
which
from
States
United
the
Lehigh
gain of three points to a new high at 191. Wabash,
week
corresponding
the
for
than
larger
22.6%
be
will
returns
Valley, Ches. & Ohio and Southern Pacific followed with
stands at $12,128,436,550, against
total
The
year.
last
a
took
Oil
stocks
five
to
points.
one
from
gains ranging
the same week in 1927. The improvesudden upward spurt, Sinclair gaining over two points to $9,890,950,952 for
entirely from the expansion at this
29%, Pan American "B" advancing a point or more and ment follows almost
gain for the five days ending Friday
a
is
there
where
centre,
Middle States following along with a substantial advance.
Our comparative summary for the week is as
Later in the day interest in these stocks seemed to wane of 42.2%.
and they turned heavy until the close. Specialties were follows:
somewhat irregular and most of the aeroplane stocks sold
Per
Clearings-Returns by Telegraph.
1928.
Cent.
1927.
Week Ended May 12.
down a point or more, though Curtiss rallied to a new high
86.484,000,000 84,561.000,000 +42.2
at 134. Johns-Manville, Jewel Tea and Lambert were New York
671,002.202
648.231.312 +12.5
particularly strong and active, but Radio Corporation, Chicago
+9.3
440.000.000
481.000.000
Philadelphia
-3.7
434.000,000
418.000.000
Boaton
Canada
Dry
Ginger
Ale
and
from
slipped
Cola
back
Coca
120.546.014 -10.1
108,333.888
Kansas City
129,100,000 -10.8
115,100,000
St. Louis
three to four points.
149,985,000 +25.8
188,733,000
San Francisco
155.004,000 +27.3
197,291,000
Irregularity characterized the trading during the greater Los Angeles
+3.5
142.625.605
147.275,228
Pittsburgh
+2.3
142.481,112
part of the first hour on Thursday, though the trend of the Detroit
145.752,687
-8.5
104.586.989
95,571.377
market was generally toward higher levels. Unietd States Cleveland
-5.1
95,591,284
91,709.029
Baltimore
51.530.578 +13.7
58.593,664
Steel common was the outstanding feature of the day and New Orleans
89.202,362,075 87,174,681,894 +28.6
reached a new top on the present movement when it crossed
Thirteen cities, five days
+2.9
1,040.093.805
1,071,335,050
150. Railroad shares were, as a rule, irregular, New York Other cities, five days
+25.1
88.214,775.699
$10.273,697,125
days
five
all cities,
Central, for instance, first moving up to a new peak for the AllTotal
1.676,175.253 +10.7
1.854.739,425
cities, one day
year at 191% and then selling off about two points. Southern
el.,.ion.400.Kr, CO 400 GSA 059 J-99 A
Pacific receded three points to 128 following the announceComplete and exact details for the week covered by the
ment that the dividend would not be increased, and little
progress was made by other members of the group. General foregoing will appear in our issue of next week. We cannot
Motors continued in strong demand during the forenoon, furnish them to-day inasmuch as the week ends to-day
but gradually worked lower and closed at 2013/2, a decline (Saturday), and the Saturday figures will not be available
of about three points. One of the features of the afternoon until noon to-day. Accordingly, in the above the last day
trading was the interest attracted by the aeropalane stocks, of the week has in all cases had to be estimated.
In the elaborate detailed statement, however, which we
both Curtiss and Wright rising to new tops. The market
opened moderately higher on Friday and the tone improved present further below, we are ablve to give final and complete
very materially as the day advanced. Numerous stocks, results for the week previous-the week ended May 5. For
particularly those of the less aggressive class such as Sears- that week there is an increase of 28.6%, the 1928 aggregate
Roebuck, Montgomery Ward, International Paper and of clearings for the whole country being $14,626,125,003,
International Match, moved up with the leaders and closed against $11,370,689,727 in the same week of 1927. Outside
at higher levels. Railroad shares continued in demand, of this city the clearings show an increase of only 7.4%, the
Missouri-Pacific common reaching a new top for the stock bank exchanges at this centre recording a gain of 44.1%.
of the present company. Pittsburgh & West Virginia We group the cities now according to the Federal Reserve
advanced about six points and substantial gains were estab- districts in which they are located and from this it appears
2918
FINANCIAL CHRONICLE
that in the New York Reserve district (including this city)
there is 43.3% improvement and in the Boston Reserve
District 21.6%. In the Philadelphia Reserve District the
increase is only 1.4%. In the Richmond Reserve District
the clearings show a decrease of 0.5%. In the Cleveland
Reserve District there is a gain of 7.6% and in the Atlanta
Reserve District of 8.7%, the latter notwithstanding the
loss at the Florida points, Miami showing a decrease of
56.2% and Jacksonville of 12.1%. The Chicago Reserve
District has 11.2% increase, the St. Louis Reserve District
4.8%, and the Minneapolis Reserve District 14.2%. In
the Kansas City Reserve District the totals are larger by
1.9%, in the Dallas Reserve District by 4.8%, and in the
San Francisco Reserve District by 12.0%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week End. May 5 1928.
1928.
1927.
Inc.or
Dec.
1926.
1925.
Federal Reserve Discs.
$
$
V
$
$
15t Boeton----12 cities
716,159,514
653,297,736 +21.6
594,157,960
458,598.591
2nd New York _11 "
9,636,941,834 6,724,346,455 +43.3 6,128,174.786 8,076,173,352
3rd Plilladelphlal0 "
643,287,018
634,406,635 +1.4
595,649,277
987,002,969
4th Cleveland-- 8 "
440,820,297
434,901,470 +7.6
386,998.923
375,001,471
6th Richmond.6 "
206.649.463
207,787.471 -0.5
214,450,631
200,981,838
6th Atlanta---13 "
213,814,152
196,639,499 +8.7
226,662.883
213,813,003
7th Chicago-- -20 "
1,468,425,323 1,311,373,060 +11.2 1,142,320,841 1.013,884,227
8th St. Louts__ 8 "
233,348,754
219,841,591 +4.8
218,208,542
202,662,004
9th Minneapolle 7 "
131,237,060
114,938,299 +14.2
123,776,076
120,057.003
10th Kansas City12 "
244,618,308
240,008.559 +1.9
218,774,010
213,161.892
11th Dallas
78.194,994
5 "
74,649,081 +4.8
72,940,924
65,475,328
12th San Fran_ _17 "
625,630,266
558,499,871 +12.0
539,537,498
4E2,160,994
Total
129 cities 14,626,125,003 11,370,689,727 +28.6 10,491.702,351 9,998,972,670
Outside N.Y.City
5,133,309,860 4,781,170,840 +7.4 4,482,272,099 4,032,696.063
Clanada
31 cities
568.305.965
502.211.803 +13.2
409.151.282
384.949.311
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week Ended May 5.
Clearings at1928.
First Federal
Maine-Bangor.._
Portland
Mass.-Boaton _
Fall River_ _ _
Lowell
New Bedford_ _
Springfield--Worcester - - Conn.-Hartford
New Haven.. _ R.I.-Providence
N.H.-Manche'r
Total(12 cities)
Inc. or
Dec.
1926.
1925.
-17.3
+2.0
+11.5
+61.0
+1.4
-15.6
+4.3
+0.1
+57.2
+27.3
+10.0
-6.6
856,627
4,545,942
536,000,000
1,958,850
1.169,434
1,409,620
6,070,475
4,577,663
16,088,708
7,282,712
13,477,400
800,529
777,908
3,655,215
404,000,000
2,387,769
1,263,865
1,582,402
6,015.987
4,255,474
14,585,893
7,365,635
11,730,600
977,843
653,297,736 +21.6
594,157,960
458,598,591
1927.
$
Reserve Dist rict-Boston
783.921
947,463
5,289,102
5.183,052
857,000.000 589,000,000
3.114,808
1,934,826
1,291.391
1,273.798
1,256,748
1,488,271
6.549,775
6,278,490
4,105,194
4,105,188
26,856,101
17,087,675
11,120,667
8,736.637
17,687,500
16.080,600
1,104,307
1,181,736
716,159,514
Second Feder al Reserve D [strict-New
N. Y.-Albany _ _
7,225,897
8,257,436
Binghamton__ _
1,437,734
1,741.035
Buffalo
56.116,759
53,221.894
Elmira
1,035.677
1,177,645
Jamestown_ _
1,433,976
1,199,171
New York..._ 9,492,815,143 6.589,518,887
Rochester
18,436,227
14.483.308
Syracuse
9,079,967
7.765,320
Conn.-Stamford
4,909.727
4,087,026
N. J.-Montclair
1.165.502
1.128,233
Northern N.J_
43,285,230
41,766,500
York-12.5
7.554,853
6,282,987
-17.5
1,337,900
1,182,300
+5.4
46,975.709
49,325,063
-12.1
1,141,748
994,687
+19.5
1,428,591
1,526,635
+44.1 6.009,430,252 5,962,280,471
+27.3
12,815,686
13,449,819
+16.9
7,649,103
5,879,749
+20.1
4,569,737
3,613,909
+3.3
905,755
583,755
+3.6
34,365,452
31,053,977
Total(11 cities) 9.636,941,834 6,724.348,455
+3.3 6,128,174,786 6,076,173.352
Third Federal Reserve Dist rict-Philad elphia.
Pa.-Altoona.. _
1,670.513
1,646,393 +1.5
1,915,296
Bethlehem_ _ _.
4,673,604
5.195,831 -10.1
4,807,834
Chester
1,437,285
1,484,000 -3.1
1,435,740
Lancaster
1.774,186
2,238,938 -20.7
2,286,181
Philadelphia _ _ 605,000,000 596,000,000 +1.5 560,000,000
Reading
5,734,480
5,278,580 +8.6
4,998,902
Scranton
8.258.159
6,889,798 +19.9
6,525,100
5,864,312
Wilkes-Barre- _
5,136,857 +14.2
4,571.680
York
2,334,663
2,809,642 -16.9
2,362,108
N.J.-Trenton
6,539,816
7,727,596 -15.4
6,748,438
Total(10 cities)
643.287,018
634,406.635
1,545,799
4,541,415
1,899,279
2,996,635
533,000,000
4,111,243
6.484,001
4,445,581
2,209,170
5.769,846
+1.4
595.649,277
567,002,969
Fourth Feder al Reserve D Istrict-Clev eland
6,958.000
Ohio-Akron.. _ _
6.577,000 +5.8
4,255,449
Canton
3.976,927 +7.0
75,803.739
Cincinnati_ _ _
78.393,840 -3.3
128.525,212 127,032,249 +1.2
Cleveland
Columbus
18,922,800
18.761,500 +0.9
Mansfield
2,029,487
2,014,154 +0.8
Youngstown__ _
5,837.638
4,873,336 +19.8
Pa.-Pittsburgh. 198,487,992 193,272,464 +2.7
5,424,000
4,197,847
72,759.264
113,006,782
16,789,000
1,864.523
4,817.032
168,140,475
5,640,000
3,746,407
68,747.171
110,951,940
15,532.000
2,018.009
5,281,688
163,084,256
+1.4
386,998,923
375,001,471
Fifth Federal Reserve Dist act-Richm ond1,276.287
1,381,078 -7.6
W.Va.-Hunt'g'n
Va.-Norfolk_ _
8,115.027
6,015.197 +1.7
42,831,000
42,212,000 +1.5
Richmond ---*2,500.000
2.330,182 +7.3
S.C.-Charleston
Md.-Baltimore.. 122.847,815 122.840,910 +0.1
31,079,354
33,008,104 -5.8
D.C.-Washlng'n
1,626,006
9.396,066
48,972,000
2.082,347
123,494.288
28,879,944
1.767,497
8.423.392
52,850,000
2.217,372
106,670,944
29,052,631
-0.5
214,450,631
200,981,836
Sixth Federal Reserve Dist rict-Atlant a-7,739,608 +12.3
8.693,317
Tenn.- Chattla
*3,700,000 +2.7
y3,800,000
Knoxville
22,128,558 +10.5
24,464,668
Nashville
48.531,884 +10.5
53,636.677
Georgia-Atlanta
1,396.186 +0.5
2,005.683
Augusta
2,215.650 +20.4
2,666,646
Macon
20.409,238 -12.1
Fla.-Jack'nvIlle
17,941,804
6,644.141 -56.2
Miami
2,910,000
25.020.142 +11.5
Ala.-Birmbarm.
27.884.494
2,369.677 -26.4
Mobile
1,743,825
Miss.-Jackson_ _
1,880,000 +29.0
2,167,836
326.333 +21.0
394.778
Vicksburg
La.-NewOrleans
65.504.424
53,878,082 +21.6
7,581,075
*3.500,000
21,618.986
62,541,281
2.132,717
2,130,686
31,959,463
14,911.466
25,740,273
2,202,594
1,659,000
423,440
60,263,902
7,854,213
*3,200,000
20,187,074
60,307.060
1,746.279
1,710,566
21,459.832
18,289,028
24,630,286
1.963,301
1,510,000
457.000
50,498,366
Total(8 cities)-
Total(6 cities)-
Total(13 cities)
440,820,297
208,649,463
213,814,152
434,901.470
207,787,471
196.839,499
+8.7
236,662,883
213,813,003
[Vol,. 126.
Week Ended May 5.
Clearings at1928.
1927,
Inc.or
Dec.
1926.
1925.
$
$
$
%
$
Seventh F tier al Reserve D istrIct-Chi cago
Mich.-Adri
283,630
281,252 +0.8
261,741
228,801
Ann Arbor_ - -869,648
1,351,772 -35.7
1,183,540
940,432
Detroit.- - .-. 200,888,646 169,425,573 +18.6
165,782,791 153,052,356
Grand RapIds_
8,598,451
9,358,340 -8.1
8,776,297
7,933,821
Lansing__ __
*3,000,000
3,025,000 -0.8
2.880.390
2,841,279
Ind.-Ft. W yne
3,544,317
3,609,813 -1.8
3,047,440
2,892,461
Indlanapoll I_....
25,698.000
26,679,000 -3.7
22,980,000
17.720,000
South Bend-3,482,400
3,901.500 -10.7
3,465,000
3,159,700
Terre Haut L__
5,253,232
5,176,206 +1.5
5,182,728
5.156,084
Wis.-Milwa ikee
42,539,676
53.561,015 -20.6
47,544,970
42,644,201.
Ia.-Ced. Ra aids
3.284,919
3,368.211 -2.5
2,970,731
2,760,767
Des MolnelL_..
11,926.295
15,046,896 -20.7
12.847.592
12,960,709
Sioux City
7,971,281
7,613,454 +4.7
7,496,645
7,177,037
Waterloo__ .._.
2,115,678
1,595,384 +32.6
1,484,145
1,385,667
Mon
2,095,682
1,796,458 +16.7
1.709,335
1.385,524
Chicago_ _ _
1,120,306,037 989,188,172 +13.3 839,569,941
739,526,980
Decatur.1,515,964
1,495.846 +1.3
1,421.669
1.401,493
Peoria
7,203,712
6,983,468 -3.4
6,355,895
4,891,818
Rockford
4,647,855
4,522,603 +2.8
4,141,156
3,078.445
Springfield_
3,199,920
3,393,097 -5.7
3,218,835
2,748,632
Total(2001 les) 1,458.425,323 1,311,373,060 +11.2
1,142,320,841 1,013,884,227
Eighth Fe era 1 Reserve Dis trict-St. Lo uisInd.-Evansv Ilk.
5,249,728
7,457.730 -29.6
6,078,967
6,282,528
Mo.-St. LouIs.... 151,100,000 143,600,000 +5.2
152,300,000 133,300,000
Ky.-Loulsville.._
37,323,258
33,868.960 +10.2
32,446,552
30,735,588
Ownesboro_
356,721
331,648 +7.6
402,720
379,191
Tenn.-Mem 3his
21,858.889
19,516.770 +12.0
21,378,712
18,652,235
Ark.-Little ock
12,190,971
12,592,838 -3.2
13,069,985
11,183,801
m.-Jacksonville.
589,347
647,964 -9.0
477,941
459,697
Quincy_ _ 1,681.840
1,825,681 -7.9
2.053.665
1,668,966
Total (8 chi 58)- 230,348,754 219,841,591 +4.8
228,208,542 202,662,004
Ninth Fed mai Reserve Die trict-Minn eaaolis
Minn.-Dulu LI__
7,971,093
7,264,969 +9.7
7,690,403
51inneapo
86,547,916
72,644,775 +19.1
77,938.041
St. Paul...... __29,117,334
28,441,034 +2.4
31.505,152
N. D.-Farg
2,131.408
1,988,919 +7.2
1,882.098
S. D.-Aber Leen
1.325,893
1,166,447 +13.7
1,575,386
Mont.-BiiilnCs
671,410
667,155 +0.6
575,954
Helena.3,472,000
2,765,000 +25.6
2,609,042
Total(7 chi as).
131,237,060 114.938,299 +14.2 123.776,076
Tenth Fed .u•al Reserve Die trict-Kens as CityNeb.-Frem It__
532,703
436.732 +22.0
429,356
Hastings_ _
608,719
504.514 +20.7
686,903
Lincoln......
5,530,381
5,512,648 +0.3
5,785,948
Omaha_
....
46,991,262
41,650,473 +12.8
42,480,826
Kan.-Topek s _.
3,941,946
3,216,780 +22.5
3,523,558
Wichita _ _ _
9,660,133
8,059,713 +19.9
8,113,388
M0.-Kan. CIV_ 141,226,826 146,451,145 -3.6
132,356,820
St. Joseph7,354.290
6,269,715 +17.3
7,864.791
Okla.-Okla. 3Ity
26,127.200
25,280,127 +3.4
25.075.599
Colo.-Col. S pm
1,232,136
1,265,693 -2.7
1,277,626
Denver....
a
a
a
a
Pueblo_ _ _ _
1,410,712
1,361.019 +3.7
1,179.195
Total(11 ci les) 244,616,308 240,008,559 +1.9
Eleventh Fede ral Reserve District-Da BasTexas-Austi t__
1,921,783
1,475,521 +30.2
Dallas
51,546,828
47,059,588 +9.5
Fort Worth
12,632,778
12,433,403 +1.6
Galveston._
6,176,509
8,612,000 -28.3
La.-Shrevep )-rt..
5,917,096
5,068,569 + 16.7
8,024,276
75,793,386
29,581,069
1,842,171
1,416,114
596,579
2,803,408
120,057,003
488,226
651,480
5,709,095
43,224,439
4,291,828
7.608,567
127,930,649
7,609,907
23,039,471
1,198.039
a
1,320,191
228.774,010
223,161,892
1,777,855
44.622,169
12,847,132
8,689,000
5,004,768
3.045,559
40,892,162
10,319,177
6,130,551
5,087,879
Total(5 citi 55)..
78,194,994
74,649,081 +4.8
72,940,924
65,475,328
Twelfth Feder al Reserve D istrict-San Franc lscoWash.-Seattle__
50,927,538
45,130,664 +12.8
43,755.445
37,781,944
• Spokane_ _ _
12,621,000
11,869.000 +6.3
12,474,000
10.050,000
Yakima_ _ _ .- 1,329,206
1,415,240 -6.1
1,482,128
1,492,772
Ore.-Portlan 1...
36,129,637
40,452,043 -10.7
40,374.427
37,309,169
Utah-S. L. ;By
16,041,132
17,689,845 -9.3
16,930,687
18,499,382
Calif.-Fresno ___
3,751.813
3,455,599 +8.6
3,734,975
3,105,423
Long Beach.__
8,406,757
7,985,429 +5.3
7,728,308
7,191,506
Los Angeles ___ 227,176,000 185,687,000 +22.3
170,710,000
146,423,000
Oakland...... _
21,550.505
20,242.385 +6.5
22,059,859
21.567.010
Pasadena_ _
8,459,032
7,547,906 +12.1
7,406,536
6,436.408
Sacramento .__
6,460,021
7,098,352 -9.0
8,961,728
9,044,730
San Diego .__
6,022,055
6,096.963 -1.2
6,391.371
5,447,931
San Francisco_ 229,644,845 194,818.000 +17.9
187,477.000 168.903,000
San Jose_ _ _
3,212.393
2,632,733 +22.0
3,088,409
2,418,001
Santa Barb re_
1,770,053
1,623,189 +9.0
1,577,800
1,347,194
Santa Montca.
2,302,695
2,380,323 -3.3
2.451,923
2,159,824
Stockton...
1,825,600
2,377,200 -23.2
3,002,900
2,983,700
Total(17 tit les) 625,630,286 558,499,871 +12.0
539,587,498 482,160,994
Grand total (129
Cities)
.._ 14626 125003 11370689727 +28.8
10491702351 9,998,972,670
Outside N.Y..__ 5,133,309,860 4,781,170,840
+7.4 4.182,272,099 4,032,696.053
Week Ended May 3.
clearings as1928.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec,
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William_ _
New Westminster
Medicine Hat...._
Peterborough.......
Sherbrooke
Kitchener
Windsor
Prince Albert
Moncton
Kingston
Chatham
Sarnia
$
217,137,277
161,107,029
81,759,008
19,713,091
9,992,753
7,744,653
4,109,997
7,722,968
15,323,335
3,122,267
2,998,461
4,496,501
7,032,060
5,464,115
687,980
839,078
2,405,730
1,283,679
1,440,833
1,212.990
932,824
495.770
987,840
1,015,697
1,302,324
5.809,999
454,247
1,038,950
965,801
971.207
741,501
1927.
Inc. or
Dec.
$
%
174,312,722 +24.6
151,386,355 +6.4
69,584,433 +17.5
31,472,925 -37.4
9,745,684 +2.5
7,866,370 -1.5
3,464,899 +18.6
7,158,761 +7.9
7,953,911 -7.3
3,096,932 +0.8
2,661,085 + 12.6
3,550,306 +26.7
6,164,431 +14.1
4,501,954 +21.4
664,043 +3.8
601,183 +39.8
2,141,853 +12.3
1,480,745 -13.3
1,195,010 +20.6
982.690 +26.0
934.633 -0.2
341,783 +45.1
986.713 +0.1
1,270,505 -20.1
1,225,048 +6.3
5,022.897 +15.7
482,012 -5.9
1,058,953 -1.9
924.967 +4.4
666,868 +45.7
662,080 +12.6
1926.
$
138,517,418
123,511,335
54,635,565
19,350,314
10,369,503
6,763,371
3,450.936
6,114,288
6,296,571
2,896,374
2,806,092
4,254.757
7,036,882
5,169,667
635,692
570.530
2,090,113
1,162,671
1,164,837
883,576
. 999,449
358,875
1,036,152
933,289
1,172,669
4,890.412
427,860
955.331
908,733
1925.
$
128,298,106
116,579,320
55,502.717
17,560,107
12,313,402
6,982,547
3,188.222
5,686,061
5,981,842
3,168,783
2,399,759
3,071,432
6,321,870
3,111,498
626,998
593,454
1,555,626
1,180,525
1,091,305
1,253,682
766,689
339,767
996,712
1,053,431
1,022,084
2,149.022
340,609
852,709
960,964
Total(29 cities) 568.305.055 502 211 Rn2 4- 15 2 Ana 1st
_282 354.949.311
a Manager of Clearing House refuses to furnish
clearings for week ending Saturday. •Estimated.
MAY 12 1928.]
FINANCIAL CHRONICLE
2919
Condition of National Banks Feb. 28.-The statement of conditi
on of the national banks under the Comptroller's
call of Feb. 28 1928 has been issued and is summarized below. For purposes of compar
ison, like details for previous calls
back to and including Dec. 31 1926 are included.
ABSTRACT OF REPORTS OF CONDITION OF NATIONAL BANKS
IN THE UNITED STATES ON DEC. 31 1926
AND MARCH 23.
JUNE 30. OCT. 10 AND DEC. 31 1927 AND FEB. 28
1928. (in Thousands of Dollars.)
Figures are given in thousands of dollars.
Resources-Loans and discounts (including rediscounts)_a
Overdrafts
United States Government securities owned
Other bonds. stocks. securities. &c
Customers' liability account of acceptances
Banking house, furniture and fixtures
Other real estate owned
Lawful reserve with Federal Reserve banks
Items with Federal Reserve banks in process of collection
Cash in vault
Amount due from national banks
Amount due from other banks, bankers and trust companies
Exchanges for clearing house
Ohecks on other banks in the same place
Outside checks and other cash items
Redemption fund and due from United States Treasure
r
United States Government securities borrowed
Bonds and securities, other than United States, borrowed
Other assets
Total
Dec. 31 '26. Mar. 23'27. June 30'27. Oct. 10 '27 Dec. 31
'27. Feb. 28 '28.
7,912 banks. 7,828 banks. 7,796 banks. 7,804 banks 7.765
banks. 7,734 banks.
13.573.275 13,647.640 13,955,696 14,366,926 14.831,259
14,399.447
9.332
12.662
9.788
14.503
10,313
12.156
2,282,571 2.652,367 2,596,178 2,675,542 2,747,85
4 2,900,896
3.507,821 3.671,313 3.797.040 3,941,438 4,151,94
4 4,180,004
255.464
246,250
253,131
283.589
369,855
375.185
644,880
663,959
680,218
698,516
700.337
712.278
114.108
117,571
115,817
122,161
122,885
123,653
1,359,386 1.400,317 1,406.052 1,413,792 1,509,25
3 1,457,431
543,268
443,145
496.916
502,036
520,399
454.166
352,709
373,905
364.204
375,251
361,376
370.228
1,124.188 1,026,760 1,044,653 1.125,872 1,177,33
4 1,058.531
423,766
393,174
426,381
459,842
473.881
427,247
969.432
626.687
947,946
790,496
675,661
645,738
117,264
74,304
101.574
86.479
106,281
70,286
72,928
47,126
89.480
86,832
106.363
76,918
32.810
32,505
32,917
33,079
33,306
32,849
23,787
16,986
17.721
14,780
20.743
13,979
3,299
4.646
3,826
2,948
3,550
3,810
273.561
247.830
242,405
219,742
241.625
258,885
25.683,849 25,699,147 26.581,943 27,213.824 28,164,219
27,573,687
LiabilitiesCapital stock paid in
1,410.723 1.460,491
Surplus fund
1.216.979 1.239.810
Undivided profits, less expenses and taxes paid
477,217
Reserved for taxes, interest, &c.. accrued
519.670
61.308
National bank notes outstanding
70.409
646,449
Due to Federal Reserve banks
642.558
38.179
Amount due to national banks
35,281
983,661
Amount due to other banks, bankers and trust compani
980.891
es
1.816,955 1.764.982
Certified checks outstanding
219.759
Cashiers' checks nutstandina
200.381
365.087
Dividend checks outstanding
201,921
Demand deposits
10.768,669 10.430,341
Time deposits (including postal savings)
6.533.442 7,056.467
United States deposits
138.239
Total deposits
241,945
20,863,991 20,912,209
United States Government securities borrowed
23.787
Bonds and securities (other than United States) borrowed
17,011
3,299
Agreements to repurchase United States Government
4,646
or other securities sold
18.485
Bills payable (including all obligations representing borrowed
4.480
money other than
rediscounts)
391,593
Notes and bills rediscounted
306.203
138,716
Acceptances of other banks and foreign bills of exchange
92.840
or drafts sold with
endorsement
95,349
Letters of credit and travelers' checks outstanding
95.035
Acceptances executed for customers and to furnish
7,778
9,812
dollar exchange less those
purchased or discounted
250,361
Acceptances executed by other banks
242.265
23.268
Liabilities other than those stated above
17.636
54.546
64.072
Total
25.683,849 25.699.147
Details of Cash in Vault,
Gold coin
Gold certificates
17.237
17.470
Clearing house certificates based on gold and
gold certificates
Clearing house certificates based on other spade
and lawful money
Standard silver dollars
Subsidiary silver and minor coin
38,166
37,592
Silver certificates
Legal tender notes
.
297.306
National bank notes
318.843
Federal Reserve and Federal Reserve
Bank notes
Details of Demand DepositsIndividual subject to check
9.855.073 9,449,783
Certificates due in less than 30 days
218.395
State and municieal
192.156
642,715
Deposits subject o less than 30 days' notice
638.004
Dividends unpaid
14.086
14,772
Other demand deposits
38,834
3.084
Details of Time Deposits99,566
132.542
Certificates due on or about 30 days
1,265,364 1,295.199
Other time deposits
State ana municipal
5,065.564 5,473.011
Postal savings
131,076
211.781
Percentages of Reserve71,438
76,476
Central Reserve cities
Other Reserve cities
12.787
13.68%
All Reserve cities
10.19%
10.289'
Country banks
11.33%
11.71%
Total United States
7.545
7.489'
9.58%
9.80%
a Includes customers' liability under letters of
credit. •Includes savings deposits.
ENGLISH FINANCIAL MARKETS-PER
CABLE.
The daily closing quotations for securities, &o.,
at London,
as reported by cable, have been as follows the past
week:
London Week May 5.
May 7.
1.474.173
1,256.945
508.421
70.326
650.946
36.379
976.119
1,844.439
223,884
315,106
1,499,384
1,273,029
571,482
78,521
649.886
36,107
1,076,860
1.894.696
281,479
227.217
10,923,729 10,924,311
7,315,624 7.590.944
139.843
255,624
21,775,123 22,287,238
17,746
14,787
3.826
2,948
3,529
3.045
1.528.509 1.537,214
1,314.438 1,330.096
530.753
558.647
76.451
73,625
650,373
646,656
39.381
33.732
1,045.133 1,008.176
2,110,933 1,900,773
68.569
209.079.
358.410
244.182
29.620
1,192
11,230,047 10,826,357
7,808,437 7.992.213
169,473
63.379
22,860,003 22,279,082
20,967
13,979
3,550
3.810
12,843
12,524
248,018
120.024
235,759
80,571
410.149
71,233
302.199
92,499
111,010
15,449
157,422
10,684
194,53
9.22
208.867
12,156
248,184
20.353
57,870
278,967
18,444
51,657
374.852
14,506
91.842
375,075
17.121
110,137
26,581.943 27.213,824 28,164,219 27,573,6
87
17,121 1
47,629
28
159
6,833
30.723
30,125
27.276
67,987
136.323
17,523
16,997
17,216
36,920
39,283
38,382
320,808
305,096
314,630
9.787.513 *10,030.423 10,260.78
205,075
194.846
210,78
693.835
566.537
582.55
11,705
13,733
12,43
36.550
3,461
189.051
115,311
183.488
1.137,992 6,297,889 17,499,109
5.875.671
1,003,195
224,848
209,526
230.698
77,114
80,332
78.630
13.03%
13.03%
12.80%0
9.89%
9.64%
10.25%
11.24%
11.05%
11.37
7.53%
7.39%
7.61
9.58%
9.40%.
9.72/
9,830.883
187,143
648.359
9,261
150,711
7,680.178
231,416
80.669
11.42/
7.46
8.96
4.93
7.05
Apr. 19. Apr. 20. Apr. 21. Apr. 23. Apr. 24. Apr. 25.
Received
£132,000 £128.000f1, 94,000 4221,000 £110,000 £108,000
Withdrawn_ _ _ £5,000
nil
nil
nil
£6,000
£5,000
The above figures show a
influx of £1,777,000 during the week under
review. The receipt on thenet
21st inst. consisted of .C1.000,000 sovereigns
"released from set aside account South Africa" and £94,000 sovereigns from
May 8.
May 9.
May 10. May 11.
ending May 11
Sat.,
Mon.,
South America. The receipts on the other days consisted of gold from
Tues.,
Wed.,
Thurs.,
Fri.,
Sliver. per oz._ 28340.
Russia. The £16,000 sovereigns withdrawn were destined as follow:
270.
2734d.
29
9-18d.
27
3-16d.
27340.
Gold, per fine os 848.11d. 843.1134d. 84s.1134d. 848.1134d
£8.000: Egypt. £5,000, and India, £5,000.
. 84.1111%d. 848.11%d. France,
Consols. 2349'. ____5634
United Kingdom imports and exports of gold during the month of March
5634
5834
5834
5034
British. 59'-.- - ---last are detailed below:
100%
10034
10034
10034
British, 434% _ ____
10034
9634
Imports.
9634
Exports.
9534
9674
French Rentes
9634
Russia (U. S. 5.11.)
£18,650
(in Paris)_fr_ ____
Austria
68.30
68.60
-£55,800
68.60
68.90
68.30
Germany
French War L'n
1,420
100,640.
Netherlands
(in Paris)-fr- -- -6.970
87.85
4,466
90
88.30
88.30
France
1,452 15,426,782
The price of silver in New York on the same days 88.45
Switzerland
127,700
has
been:
E
vprpt
Silver in N. Y., per os.(Ms.):
79.470
est Africa
Foreign
47,630
5834
986
5834
5934
5934
Java and other Dutch Pos'sions in Indian Seas
5834
5934
2,125
United States of America
2,314
Central America and West Indies
1,841
Various South American countries
THE ENGLISH (1()LI) AND SILVER MARKE
2,960
TS.
Rhodesia
117,256
Transvaa
We reprint the following from the weekly circula
l
1.088,394
r of British India
Samuel Montagu & Co. of London, written under
288,547
Straits Settlements
date
of
56,201
Australia
April 25 1928:
694
Other countries
GOLD.
2.630
9.532
The Bank of England gold reserve against
notes amounted to
E157,388,£1,292,211 £16,152,249
155 on the 18th inst. (as compared with A156,601
,215
on
the
previous
Wednesday), an increase of £3,481,840 since April
The following were the United Kingdom imports and exports of
29 1925-when an registered in the week
gold
ended the 18th inst.:
effective gold standard was resumed.
ImportsAbout £500,000 Russian gold was offered in the open market
Exports£528,888 Germany
and of this amount about E80,000 was bought for India and on Monday, Russia (U.8.8. 11.)
L21,250
1,017,029 France
balance eventually being secured by the Bank of England. the Trade, th British South Africa
14,882
Other countries
Of the £50,000 South African gold arrival this week,fL3
17,012 Switzerland
5.000 WEIS Sold
15,400
to India and the Trade.
Egypt
17,100
The following movements of gold to and from the limilc
Other countries
of England
13.515
have been announced:
£1,562,929
£82.14?
FINANCIAL CHRONICLE
2920
[VOL. 126.
Bondsthe month of
$599,724,050.00
We append details relating to India's foreign trade during
Consols of 1930
48,954,180.00
March last:
Lacs of Euppees. Panama's of 1916-1935
25,947,400.00
of
1918-1938
Panama's
21,76
49,800,000.00
Imports of merchandise on private account
1961
01
Panama's
31,88
28,894,500.00
Exports.inel. re-exports of merchandise on private accountConversion bonds
2,65
14,812,380.00
Netimports of gold
Postal savings bonds
96
$768,132,510.00
Net imports ofsilver
1
$1,939,154,700.00
Netimport of currency notes
of
1932-1947
Loan
First
Liberty
6.59
00
1.405.183,150.
Total visible balance of trade in favor of IndiaIndia
Third
Loan
LlbertY
of
1923
2.74
6.294,045,600.00
Net balance on remittance offunds-against
Fourth Liberty Loan of 1933-1938
9,638,383,450.00
SILVER.
slight setback Treasury bonds of 1947-1952
a
for
except
and
steady
3762,320,300.00
continued
has
market
The silver
two
for
26.34d.
and
cash,
for
00
1,042,401,500.
on the 20th inst., prices rose until 26.)4d. America has offered to sell Treasury bonds of 1944-1954
491,212,100.00
Treasury bonds of 1946-1958
months' delivery were reached yesterday.
the enquiry was, in the Treasury bonds of 1943-1947
494,704,750.00
silver besides making some purchases, although
attributable
is
steadiness
2,790,638.650.00
main,limited to the lower level of quotations. The
the week; howthroughout
consistent
been
has
which
buying,
$13,197,154,610.00
to China
bonds
Total
same
the
from
emanating
demand
by
ever, at the sharp rise occasioned
Treasury Notesof their holdings yesterday.
quarter. China bull operators realised some
falling due, silver for Series A-I930-1932. maturing Mar. 15 1932_31,285,314,250.00
Owing to the prolongation by bears of contracts
inst.,
19th
the
on
Series
B-1930-1932. maturing Sept. 15 1932_ 615,095,700.00
1-164.
a premium of
cash delivery was again quoted at
Series 0-1930-1932, maturing Dee. 15 1932 .._ 607,399,650.00
subsequently widening to ;id. on the 23rd idem.
silver
of
35,100,000.00
exports
Service-Series A-1930
and
Adjusted
imports
Kingdom
The following were the United
. .
Series A-1931
registered In the week ended the 18th inst.:
70,000.000.00
Series B-1931
ExpertsImports123,400.000.00
A-1932
Series
£57,342
£52,028 Persia
123,400,000.00
U.S. A.
Series A-1933
17,070
113.319 British India
Mexico
31,200.000.00
17,572 Clvil Service--Sertes 1931
16.282 Other countires
14.400,000.00
Other countries
Series 1932
2,958,809,600.00
E91.984
£181,629
Treasury Certificates•
0
June
15
maturing
$400,051,200.0
1928
RETURNS.
1928,
TJ
Series
INDIAN CURRENCY
Apr.7. Apr. 15. Apr. 22. Series TD 1928, maturing Dec. 15 1928
261,761,000.00
(/n tacs of ruppees.)
18511 Series TD2 1928, maturing Dec. 15 1928
1 554
18610
201,544,500.00
Notes in circulation
10462
10505
360,947,000.00
10561
Series TM 1929. maturing Mar 15 1929
Silver coin and bullion in India
Series
Fund
10.800,000.00
Retirement
Civil
Service
India
of
out
bullion
and
Silver coin
§a Foreign Service Retirement Fund Series
§io
147,000.00
2976
Gold coin and bullion in India
1,235,250,700.00
India
of
out
bullion
and
coin
Gold
3796
3796
Certificates-a
&vino
3796
Treasury
Government)
Securities(Indian
377 Series 1923, issue of Sept. 30 1922
377
377
$39.618,281.50
Securities British Government)
900 Series (923, Issue of Dec. 1 1923
900
23.180,567.75
900
Bills of exchange
54,100.000 Series 1924, Issue of Dee. 1 1923
93,668,500.60
Shanghai on the 21st inst. consisted of about
O The stock in 89.000.000
156.467,349.85
2.160 silver bars, as compared with
and
dollars
svcee,
in
ounces
dollars and 2,720 silver bars
217,547,682,259.85
Total interest-bearing debt._
about 55.000,000 ounces in sycee, 87,100,000
Has
Which
Debt
Ceased
on
Interest
Matured
inst.
on the 14th
$2,025,340.26
Old debt matured-Issued prior to April 1 1917
Quotations during the week:
936.500.00
-Bar Silver, Per Oz. Std.- Bar Gold per Certificates of indebtedness
Oz. Fine.
2 Mos.
Cash.
2,834,600.00
Treasury notes
Quotations11.y,d.
84s.
26%d.
Victory notes 011922-23
22,550.00
267-164.
*34%
April 19
265-16d. 84s. i1.3.d. 4h% Victory notes 01 1922-23
2,337,850.00
265-164.
20
26 5-16d. 845. ii.gd. Treasury savings certificates
3,481,900.00
26,id.
21
84s. 10d.
26 5-16d.
49,171,6.50.00
Second Liberty Loan bonds of 1927-1942
267-164.
23
84s. lid.
2654d.
60,810,390.26
26%d.
24
84s. 11d.
267464.
Debt Bearing No Interest269164.
25
84s. 10.94. United States notes
26.375d.
$346,681,016.00
26.375d.
Average
156,039,088.03
cash and two months' delivery are Less gold reserve
The silver quotations to-day for
those fixed a week ago.
above
1-164.
and
3-16d.
$190,641,927.97
respectively
Deposits for retirement of national bank and
Federal Reserve bank notes
42,966,697.00
Liabilities.
Treasury Cash and Current
2.045.486.54
Old demand notes and fractional currency
stood
items
the
as
t
Governmen
Treasury
stamps.
savings
and
unclassiThrift
the
of
holdings
The cash
fied sales, dre
3,545,169.46
figures are
The
following.
the
in
out
set
are
1928
239,199,280.97
April 30
States
United
the
of
statement
daily
the
from
Total gross debt
$17,847,691,931.08
taken entirely
of
Net
a
value
outstanding.
certificates
redemption
1928.
30
April
Treasury of
.
CURRENT ASSETS AND LIABILITIES
GOLD
Public Debt of United States-Completed Returns
8
lAabfitties$
Ands-Showing Net Debt as of Feb. 29 1928.
683.913.427.15 Gold infs. outstanding_ _1,554,343,089.00
Gold win
2.730,923,687.97 Gold fund. F. R. Board
Geld bullion '
The statement of the public debt and Treasury cash hold(Act of Dec. 23 1913.
as amended June 21
ings of the United States as officially issued Feb. 29 1928,
1 528.771.837.16
1917)
156.039,088.03 delayed in publication, has now been received, and as interGold reserve
175,683,100.93
est attaches to the details of available cash and the gross and
Gold in general fund3,414,837,115.12
Total
3,414,837,115.12
Total
S. notes and 31,305.900 of Tresaur,
Note.-Reserved against $348.8111.016 of U. of
by silver
secured
1890 are also
notes of 1890 outstanding. Treasury notes
dollars in the Treasury.
DOLLARS
SILVER
$
LtastilifesAssets480,126.930.00 Silver ctfs. outstanding. 470,392,319.00
Silver dollars
1,305,900.00
Treasury notes of 1890
outstanding
8,428,711.00
Sliver dollars in gen.fund
Total
AssetsGold (see above)
Silver dollars (see above)
United States notes...Federal Reserve notes._
Fed'I Reserve bank notes
National bank notes.
Subsidiary silver coin
Minor coin
Sliver bullion
Unelassifled.-Colleosloes. Ac
Deposits in F. R. banks
Deposits in special depositartee account of
sales of certificates of
Indebtedness
Deposits in foreign depoeltaries:
To credit of Treasurer
United BMWS
To credit of other
Govern't officers
Deposits in nat'l banks:
To credit of Treasurer
United States
To credit of other
Govern't officer!
Deposits In Philippine
Treasury:
To credit of Treasurer
United Suttee
480,126,930.00
Total
480,126,930.00
LIEN ERAL FU N D
$
175,683,100.93 Treasurer's checks out4,820,558.09
8.428.711.00standing
4,409.614.00 Deposits cif Government
officers:
983,930.00
7,267,453.73
Post Office Departml
33,722.00
Board of trustees. Poe15,054.023.00
tal Savings System:
3,449.805.45
5% reserve, lawful
2,242.028.68
6,438.797.74
money
5.869.046.38
395,841.85
Other deposits
Postmasters, clerks of
2.406.372.38
courts, disbursing
36,184.130.31
43,546,573.52
officers. &o
Deposits for
of F. R.
Redemption
.
note
(6% id., gold) 165,799,021.69
172,841,000.00
Redemption of national bank notes (5%
fund, lawful money) 26,387,173.24
Retirement of addi112,368.95
circulating
tional
notes Act May 30
410,505.48
2,430.00
1908
Uncollected Items. ex2,532.800.67
changes. &es
6,927,573.89
20,631,409.75
Net balance
net debt on that date, we append a summary thereof, making comparisons with the same date in 1927.
CASH AVAILABLE TO PAY MATURING OBLIGATIONS.
Feb. 29 1928, Feb. 28 1927.
Balance end month by daily statement, &c
Add or Deduct-Excess or deficiency of receipts over
or under disbursements on belated items
Deduct outstanding obligations:
Matured interest obligations
Disbursing officers' checks
Discount accrued on War Savings Certificates...Settlement warrant checks
Total
65.272.231
178,689,696
+1,728.123
+3,039,257
67.000,354
181,728,953
27.624,713
70,039.703
6,824.425
2,287.276
34,236.626
63,310,727
8,443,645
1,341,542
106.786,117
107,332,540
Balance, deficit(-) or surplus (-I-)
-39,785.763 +74,396,413
INTEREST-BEARING DEBT OUTSTANDING.
Interest Feb. 29 1928. Feb. 28 1927.
Tine of LoanPayable
$
3
Q -J. 599.724,050
2s Consols of 1930
599,724,050
28 of 1916-1936
Q.-P.
48,954.180
48,954,180
25 of 1918-1938
Q.-P.
25,947.400
25.947.400
Q.-M.
3s of 1961
49.800,000
49.800.000
3s Conversion bonds of 1946-1947
Q.-J.
28.894.500
28,894.500
J -J. 1.206,444.700
Certificates of Indebtedness
639,839,000
J J. 1,397,686.700 1.397.687.100
3545 First Liberty Loan, 1932-1947
2-D.
45 First Liberty Loan. converted
5,155.650
5.155.700
J -D. 532.822,200
4 is First Liberty Loan,converted
532,874,350
.1.-D.
3,492,150
414e First Liberty Loan, second converted
3,492,150
M.-N.
48 SecondLiberty Loan, 1927-1942
20,848,350
Cis Second Liberty Loan converted
3,083,671,700
M
1.509,249,750 2,160.006,900
4148 Third Liberty Loan of 1928
A.-0. 8,294.050.800 6.324,463,950
414s Fourth Liberty Loan of 1933-1938
4148 Treasury bonds of 1947-1952
762.320.300
763.948.300
48 Treasury bonds of 1944-1954
1,042,401,500 1.047.087,500
3348 Treasury bonds of 1946-1956
491,212.100
494,898,100
3%8 Treasury bonds of 1943-1947
494.704.750
257,190.650.53 45 War Savings and Thrift Stamps
171,636,219
343,745.878
198,950,521.14 2)45 Postal Savings bonds
J.-J.
14,812.380
13,229,660
J.-D. 2.960.609,000 1,320.881,300
534,to 534s Treasury notes
473,829.47
456,141,171.67
Total
456,141.171.67
Total
to-day was
the credit of disbursing officers and agencies
are
Note.-The amount tocredits
governments
foreign
of
obilsations
which
for
$382,659.830.88. Book
amount to $33,236,629.05.
held by the United States14 1890, and Dec 23 1913. deposits of lawful money for
notes are paid
Under the acts of July
national-bank and Federal reserve bank
under
the retirement of outstanding
receipts, and these iblIgattuns are made,to-day
obligations
such
Into the Treasury as miscellaneous
of
amount
The
debt.
public
the
of
part
a
mentioned,
acts
the
-bank notes are in
was 342.966.697.
notes and S14.931.447 in national
'$604.400 in Federal Reserve
and are charges against the deposits for the
redemption
of
process
In
the Treasury redemption funds
respective 5%
Aggregate of interest-bearing debt
Bearing no interest
Matured, Interest ceased
17,639,918,329 18.905.150,086
238.619,207
238.796.676
8,781,275
71.906.870
Total debt
017,950,621,875 19,152,550,550
Deduct Treasury surplus or add Treasury deficit.... -39.785,763 +74.396,413
Net debt
b17.990.407,638 19,078.154,137
a The total gross debt Feb. 29 1928 on the baste of daily Treasury statements
was 317,950,653,644.51, and the net amount of public debt redemption and receipts
In transit, Ac., was *31,76970.
b No deduction is made on account of obligations of foreign Governments or other
Investments.
Treasury Money Holdings.
The following compilation, made up from the daily
statements, shows the money holdings of the
of the public debt of the Governmentthe
beginning of business on the first of Februat
Treasury
The preliminary statement
the
of
basis
the
upon
made
as
1928,
April and May 1928:
March,
ary,
United States April 30
follows:
, is as
daily Treasury statements
of the
Preliminary Debt Statement
April 30 1928.
United States
MAY 12 1928.]
FINANCIAL CHRONICLE
Holdings ta U.S. Treasury Feb. 1 1928. Mar. 1 1928. Apr
1 1928 May 1 1928.
s
$
Net gold coin and bullionNet silver coin and bullion
Net United States notes._
Net national bank notes__
Net Federal Reserve notes
Net Fed'I Res. bank notes
Net subsidiary silver
Minor coin, Su)
$
317.707.897
14.694,705
4.109,416
21.466.240
990.610
62,241
2.686.363
4.662.923
305.357.595
16.968.119
6.260.689
17.639.984
1,041,395
136.190
2.591.354
4.573,753
318.745.479
13.881.355
5,780,167
15,836,393
902,260
169,210
2,953,612
6.022,158
331,772,189
14,297,757
4,409,614
15,054,023
983,930
33.722
3,449,805
4,648,401
Total cash In Treasury_
Lem gold reserve fund
366,380.395
156.039.088
354.569,079
156.039,088
364,290,634
156,039.088
374,599,441
156.039,088
Cash balance in Treas'y
Dep.In spee'l depositories,
sect. Treasury bonds.
Treasury notes and certificates of indebtedn'es
Dep. in Fedi Rex. banks.
Dep. In national banks:
To credit Treas. U. S _ _
To credit dish. officers.
Cash In Philippine Islands
Deposits In foreign depts.
Dep.In Fed'i Land banks
210.341.307
198.529,991
208,251,546
218,560,353
104.355.000
33,636.543
47,128.000
30.296.348
421,620.000
32.023,808
172,841,000
36,184,130
7.168.433
20,492.385
808.924
615.010
8,088.921
20.203,991
740.502
484,817
7.985.747
21,058,915
698.480
453,384
6.927,574
20,631,410
473,830
522,875
377,417.602
268.040,645
305.452.570
240.180.339
692.089,880
247,273,119
456,141,172
257.190.650
Net cash in Treasury
and In banks
.
Deduct current liabilities.
$
Available cash balance
109.376.957
65.272.231 444.816.781 198.950.522
*Includes May I $5.86't,046.38 silver bullion
and $2,242,628.68 minor coin. &c.
in statement "Stock of 15 oney."
not Included
Government Revenues and Expenditures.
Through the courtesy of the Secretary of the Treasu
ry we
are enabled to place before our readers to-day
Government receipts and disbursements for the details of
April 1928 and
1927 and the ten months of the fiscal years
1927-28 and
1928-29:
Stocks-
2921
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Range Since Jan. I.
Low.
High.
American Company
18034 175 191
86,180 130
Jan 191
May
Anglo Calif Tr Co
460 460
5 400
Jan 470
Anglo & London P Nat Bk. 260
Apr
235 270
2,630 225
Mar 270
May
Atlas Im Diesel En "A" _
56
5554 60
2,780 31
Jan 76
Bancitaly Corporation _ - 21854 215
Apr
220
34,512
13734
Jan
2203
Bank of Calif, N A
Apr
435
425 452
1,535 26934 Feb 452
Bank of Italy, N T &SA .._ 305
May
299 30954 24,119 260
Jan 31154 May
Calamba Sugar,com
11734 11754
30
97
Jan 125
Mar
California Copper
554
55$ 534
580
2
Mar
8% Apr
Calif Cotton Mills, corn _
1283.4 130
605 75
Jan 142
California Ink
Jan
-Li's;
49
54
8.870 30
Jan 54
May
Calif Oregon Power, pfd_ _ _
11034 Ill
60 10854 Jan 11234 Mar
California Packing Corp_
7834
2,705
7834
71
Mar
7934 Apr
Calif Petroleum, com
3034 3034
50 2334 Feb 3134 May
Caterpillar Tractor
7634 7554 7834 46,727 53
Jan 7854 May
Coast Co Gas & El, 1st pfd. 10054 100
20
10034
98
Jan 102
Jan
Crocker First Nat'l Bank _ _
410 410
5 365
Feb 450
Mar
Dairy Dale"A"
--iiii 2634 27
2,408 23
Jan 29
Mar
Dairy Dale"B"
23
24
2334
2,800 1734 Jan 2934 Mar
East Bay Water A, pfd _ _
98
98
9834
246 9534 Jan 99
Apr
East Bay Water B. pfd_ _ _ _
106 106
10 10134 Mar 11034 Mar
Emporium Corp,The
--3134
31
3134 2,045 31
Apr 343.4 Jan
Fageol Motors, pfd
8
7
8
1.410
5
Jan
8
Mar
Fageol Motors, com
6%
554 654 23,540 2.00
Jan
7
May
Fireman's Fund Insur
123
12034
500
110
Feb
127
Jan
Foster & Kleiser, corn
15
14% 15
1.860
14
Jan
19
Gt West Pwr Ser"A"6%Pf
Jan
102 10254
235 9854 Jan 10334 Apr
Great Western Power pfd.. 1053.4 1
1
0534
795
0534
10354
Jan 10634 Mar
Hawaiian Com'l& Sug, Ltd
515$ 51
52
285 5134 Jan 56
Mar
Hale Bros Stores. Inc
27
2834
650 27
Feb 31
Hawaiian Pineapple
Jan
5034
5034 51
340
41
Jan 5254 Apr
Home Fire & Marine Ins__ _
41
42
43
1.130 413.4 Feb 4954 Jan
Honolulu Cons Oil
40% 40
43
7.415
35
Feb 43
May
Hunt Bros Pack "A",corn
2434 2434 2534
1.495 23
Mar 2834 Apr
Hutchinson Sug Plantat'n _
12
1234
300 12
May
Illinois Pacific Glass"A"
1534 Mar
57
55
8,463
5734
4554 Jan 58
Apr
Langendorf Baking "A"
15
1454 1534
1.245 1234 Jan
I. A Gas & Electric. pfd _ _ 112
1634 Mar
11 134 11234
295 10534 Jan 112% Apr
Magnavox Co
3.50
2.35
400 196.415 40
Jan 400 May
Magnin. Icon
2534 2534 26
495 22
Jan 28
Apr
Nor Am Investments. pfd
10254 10254
110 99
Jan 10254 Mar
Nor Am Investment, corn _ _
109 10934
340 105
Jan 10934 May
North American 011
3934 3951 42
10,685 3634 Jan 43
Apr
Paaubau Sug Plantation...
9% 95%
300
9
Mar 11
Pacific Gas& Elec, 1st pfd _
2834 2854 284 4.391 2634 Jan 2934 Feb
Apr
Pacific Gas & Elec,com
_
513.4
5034 52% 4,777 4334 Mar 534
Pac Light Corp 6% pfd
May
. 1055$ 105% 106
430 ___ .
Jan
10634 Feb
Pacific Light Corp.com
_
90
8634 90
23,922 7234 Feb90 May
Pacific Oil
1.75
1.6234
115 100
Jan 2.25
Apr
Pacific Tel & Tel, pfd
122% 124
25 11334 Jan 125
Mar
Pacific Tel & Tel, corn
158
158 159
575 148
Mar 159
May
Paraffine Co's, Inc, corn_ _ _ 103
102% 105
10,044 8474 Jan 10954 Apr
Phillips Petroleum
4134 4134
10 3534 Feb4334 Jan
pIggly Wiggly West Sts'A'
28
26
2834 9,039 22% Apr315" Feb
Pig'n Whistle, pfd
1654
1651 1754
1.420 1434 Apr 1754 May
Richfield Oil
4834 44
4834 109.529 2354 Feb 4834 May
Roos Bros, pfd
103
102 103
170 98
Jan 10334 Apr
Roos Bros. corn
35% 354 36
430 31
Feb 3734 Mar
SJ Lt & Pwr Pr, pfd
118% 11834 119
70 11334 Jan 119
El J1. ArP.6% pr pfd
May
106
105 106%
25 100
Jan 10634 May
B F Schlesinger, pfd
98
98
98
131 92
Jan 9834 Mar
B F Schlesinger A,corn_
25
243.4 25
2.555 213.4 Jan 2734 Mar
Shell Union Oil,corn
29
29
294 8,461 24
Feb 2934 May
Sherman & Clay Pr pd...
97
9754
30 9534 Jan 99
Sierra Pacific Elec, ptcl__ _ _
Mar
95% 9654
95 95
Jan 965$ Mar
Southern Pacific
12534 12854
150 118% Feb 12854 May
Sperry Flour Co, pfd
102 102%
4
99% Jan 104% Mar
Sperry Flour Co,com
704 7034
240 6054 Mar 85
Spring Valley Water
Apr
106
106 109
1,850 105
Jan 120
Stiodard 011 of Calif
May
6134 60
62
21,827 53
Feb 6234 Apr
Traung Label & Litho Co_
25
25
270
24
Apr 2754
U pion 011 Associates
J
5434 5334 55
11.246
Union 011 of California
5334 5234 5354 22.864 4134 Feb5754 Apr
4234 Feb5734 Apr
Union Sugar, pfd
2334 2334
100 23
Feb25
Union Sugar,com
Apr
1354
13
1.765
1334
734 Mar 16
Wells Fargo Bk & Un Tr_ _ _
Apr
360 370
35 295
West Amer Finance, pfd...
Feb370
May
654
6% 654
240
534 Mar
Yellow & Checker Cab __
8
Feb
5134
5534
5834
2,685
51
Zellerbach Corp 6%,1926 _
Apr 5834 Mar
123 123
145 117
Jan 145
Zelierbach Corporation_
Feb
45
4434 47
11,827 4254 Apr 5454 Feb
* No par value.
.4 4
!•!: n nnggggnn4ng.nnngV4gnntnngggggnnnggggn"M
Commercial and Miscellaneousgems
-.0
0
to
0C9.—tOi
D3
0.-0..0
-Month of AprilTen Months
Receipts.
1928.
1927.
1928.
1927.
OrdinaryCustoms
45,740,261 51,252,919 483.385,756 510,897,
865
Internal revenue:
Income tax
46,276,083
Miscell. internal revenue_ _ 47,417,426 53.280,156 1,670,450,279 1,703.252.045
52,867,419 502,065,102 535.853,473
Miscellaneous receipts:
Proceeds Government-owned
securitiesForeign obligations-Principal
1,883
27,000,547
26,587,613
Interest
5,005
90,996,449
90,358,460
Railroad securities
398,220
963,221
161,918,108
47,145.1
79
All others
383,040
165,159
6.072.557
61.802,361
Trust fund receipts (reappropriated for Invest.) _ _ 6,685,060
3,576,700
55,968,202
39,635,687
Proceeds sale of sur. prop.
310.410
1,232,721
7,844,519
14,284,654
Panama Canal tolls, &c._ _ 2,149,536
2,221,470
23,766,961
21,550,763
Receipts from miscellaneous
sources credited direct to
appropriations
506,305
918,801
7,265.582
12,024.256
Other miscellaneous
20,098.647 23,894,388 161,754,919
152.961.214
Total ordinary
169,964,988 190,379,842 3.198,488,981 3,216,33
3,570
Excess of ordinary receipts over
total expenditures chargeable
against ordinary receipts_
176,667,542 299,493,524
Excess of total expenditures
chargeable against ordinary
receipts over ordinary rec'ts156,743,87
2 120,131,356
Expenditures.
Ordinary(Cheeks and warrants paid,&c.)
General expenditures
162,871,605 151,575,888 1,594,409,410 1,550.23
7,657
Interest on public debt _a_ _ 138,327,055 141.637.
381 623.093,843 661,676,844
Refund of receipts:
Customs
1,909.292
1.598,089
17,870,595
15,866.131
Internal revenue
15,545,003 20,963,235 116,922.031
89,044,989
Postal deficiency
18,045,645
14,043,810
Panama Canal
668,479
913.813
8,899.21
1
7,016,649
Operations In Special Acc'ts:
Railroads
83,083
Pittsburgh Stock Exchange.-Reco
137.098
8673.510
926.228
War Finance Corporation_
rd of transaction
1452,586 811,221.757
83,721,834 826.038.621 at Pittsburgh
Shipping Board
Stock Exchange, May 5 to May
571,720
909,763
25.918,529
20,391,3
11, both
79
Allen property funds
inclus
662,418
ive,
397,353
compil
ed
from
273,705
official sales lists:
105.079
Adjusted-service certificate
fund
186,972
rfutug
230.628 e112,142,692 115,419.006
oaws
Civil-service retirement fund_
71.262
b235,093
Last Week's Range for
143.372
8347,004
Investment of trust funds:
Range Since Jan. 1.
Sale
of
Prices.
Week.
Government Life insurance 6,821,497
Stocks
Par. Price, Low, High. Shares
3.534,879
55,273.671
39,070,433
Low.
Dist.of Columbia Teachers'
High.
Retirement
An Wind GI Mach com 100
8135,030
404,052
22
22
195,310
50
Foreign Service Retirement
255$ Mar
Preferred
012,200
100
85.400
88.978
42
42
50
99,668 Arkansas Nat Gas corn_
General Railroad Contingent
45
Mar
61,408
_10
41,821
290,479
93.4
83.4 95$ 5,882
369.943 Armstrong Cork Co
95$ Feb
6274 6274 65
1.670
Total ordinary
Blaw-Knox Co
67
Mar
326,706,160 310,477,698 2,569,380,869
25
101
101
2,488.077,501 Carnegie Metals
10134
205
105
Public debt retirements chargeFeb
Co
10 2454 2334 2534
1,790
able against ordinary rec'ts:
Citizens Traction Co_ _ _50
2734 Mar
39
39
50
Sinking fund
39
Colonial
May
Trust
Co
100
354.741,300 333,528,400
255 255
36
Purchases and retirements
258
Consolidated lee corn_ _50
Jan
454 6
718
6
from foreign repayments
May
Preferred
50
1,435.500
26
26
112
995,000 Devonian Oil
Received from foreign gov'ts
30
Jan
10
300
934 10
10
under debt settlements__
Dixie Cask Util corn
Jan
125$
92,575,000
1234 1214
20
92,950,000
15
Received for estate taxes
b Preferred
Apr
100
85
1,500
86
80
95
urchases and retirements
Apr
Fidelity Title & Trust,_100
625
625
25
625
from franchise tax receipts
Apr
First National Bank_ _100
355 355
5
360
(Federal reserve and FedJan
Houston Gulf Gas
•
18
18
150
22
Jones & Lau'n Steel pfd 100
Apr
eral intermediate credit
122%
122%
13
123
Lone Star Gas
banks)
Max
25
5134 51
618.367
54
12,858
1,231.835 May Drug
58
Forfeitures, gifts, do
Apr
2.700
Stores
33.500
3,068.903
26
27
585
57.310 Nat Fireproofing Corp_ _ _•
27
May
pref___511
2134 2254
325
24
Max
Pittsbur
Total
gh
Brew
2,700
corn_
33,500 452,440.570 428,762,545
_50
354 354
700
4
Pittsburgh 011 & Gas_ _ _ _5
Jan
3% 3%
50
4
Pittsburgh Plate Glass_100 2255$ 225
Total expenditures
Jan
226
172
234
Pitts Screw & Bolt Corp...
chargeable against
Feh
5634
58
5634
835
Pitts Steel Foundry corn_ •
ordinary receipts_ _326.708.860 310,511,198 3,021,821,439
5934 May
32
2,916.84
32
0.048
50
35
Preferred
Recelpts and expenditures for June reaching the Treasury In July are
Apr
100
84
included
84
10
Stand Sanitary
84
Jan
a The figures for the month Include 690.840 04 and for the fiscal year 1928.
11,160
to Tidal Osage 011 Mfg com _• 393.4 3834 40
40
May
date $1,181,962.92 acorued discount on war-savings certificates of matured
10
22
22
series, Union National
100
2634 Mai
and for the corresponding periods last year the figures include $162,072.26
Bank_ .100
505
505
and
16
Union Steel Casting corn.• 38
510
$2,111,814.22. respectively.
Mai
36
37
395
Preferred
3954 Mai
b Excess of credits (deduct).
100
1053.4 1055$
104
10534 May
r In accordance with established procedure the appropriation of $112.000.000 United Engine & Fdy com • 54)
49
5054
830
61
available Jan 1 1928, and $11.400.000 of the interest on Investments In the fund nUnIted States Glass_ _ _25
Jar
13
1,500
1374
Westinghouse Air Brk n_ •
due on that date, were Invested in adjusted service obligations aggregating
1554 Mai
48
$123,- West Penn
320
Rye pref _ _ _100 1035$ 10334 50
5674 Jar
400,000 five amount. bearing interest at the rate of 4% per annum. See adjusted
10334
60
10354 May
service obligations under public debt receipts and expenditures on page 3. The Witherow Steel corn
•
25
25
25
Preferred
27
Ap
difference between the amount appropriated and amount charged under ordinary
100
7234 74
228
Worth'ton Ball Bear"B" •
74
expenditures above Is due to variations In the working each balance required.
May
11
11
25
Zoller (William) Co pref 100
11
Ap
9914
100
50
Rights100
Mai
Lone Star Gas
854
854 954 10.108
Bonds93.4 AD
Pitts et Blrm 'Frac 5s_ _1929
92
92
$2,000
Pittsburgh Brew Rs
1949
9234 Ma
9514 07
7 Ann
San Francisco Stock Exchange.-Record of transac, • No par value.
tions at San Francisco Stock Exchange, May 5 to May 11- a Sold last week and not reported: 125 abs. United
States Glass at 12(413.
8 Sales of Dixie Gas & UHL pref. on
both inclusive, compiled from official sales lists:
May 3 Should have been
stead of .50 at 88.
50 at 88@89, la-
Breadstuffs figures brought from page 2995.-All
the statements below regarding the movement of grainreceipts, exports, visible supply, &c., are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ending last Saturday and since Aug. 1 for
each of the last three years.
Receipts al-
[VOL. 126.
FINANCIAL CHRONICLE
2922
Wheal. I
Flour.
Oats.
Corn.
Rye.
Barley.
GRAIN STOCKS.
Oats.
Corn.
Wheat.
bush,
bush,
bush,
768,000
322,000
58,000
34,000
1.000
84.000
132,000 1,396,000
488,000
945,000 3,082,000
854,000
920,000
286,000
United StatesSt.Joseph, Mo
Peoria
Indianapolis
Omaha
On Lakes
On Canal and River
58 lbs.bush. 32 lbs.bush.48lbs.bush.561bs.
bb1.9.198tbs.bush.60 Os bush.
27,000
192.001
379,000 2,386,000 1,920,000
228,000
61,000
317,000 209,111
71,000
1,359,000
102,000
117,01 o
15,101
29,001
870,0001
8.000
159,111
439,111
220,000
39,00
88,000
1.000
1,000
59,000
23,000
34,005
11,000
6,000
3,000
24,0001
150,051
649,000
35,0001
011
332,000
661,0001 1,129,000
118,000
34,'''
231,000
637,551
15,0001
70,000
50,000
576,000
718,0001
154,111
668.55'
236,0001
28,111
293.000
172,005
2.010
26,000
306,000
1,II1
86,111
169,110
18,000
210,000
3,789,000 719,01.
Total wk. '28 482,000 4,864,000 6,879,000
842,000
494,111
Same wk. '27 440,000 3.599,000 2,824,001 2,979,000
272,000
474,001
Same wk. '26 415.000 3,513,000 3,708,000 2,466,000
Chicago
Minneapolis
Duluth
Milwaukee_
Toledo
Detroit
Indianapolis
St. Louis_ __ ..
Peoria
Kansas City
Omaha
St. Joseph. _ _
Wichita._ _ _ _
Sioux City_
1927.
Canadian4,083,000
Montreal
Ft. William & Pt. Arthur_58,873.000
6,017,000
Canadian
Other
for
Total receipts of flour and grain at the seaboard ports
the week ended Saturday, May 5, follow:
I
Corn.
Wheat.
Flour.
Oats.
Rye.
Barley.
Bushels. Bushels.
Bushels.
Bushels.
Bushels.
Barrels.
15.000
93,000
100,000
32,000,
282,000
205,000
New York__ 1,000
15.000
7.000
116,000
39.000
_
a
Philadelphi
1,000
2,000
28,000
9,000
98,000
15,000
Baltimore..._
2,000
Newport New
112,000
Norfolk
3,000
27,0001,
52,000
39,000
New Orleans *
11,000
Galveston._ _
90.000
7,000
40,000
7,000
306,000
70,000
Montreal_ _ _ 42.000
8.000
345,000
4,000
St.John,N.B.
1,000
46.000
31,000
Boston
150.000
194,000! 102,000
82,00
405,000 1.368,000
Total wk. '2
13.710.000, 7,717,000 4,054,000
Since Jan.1'28 8,517,000 42,643,000 60,496,000,
316,000 715,000 238,000
133,000
Week 1927... 545,000 9,178,000
6.320,00011.945,000 5.537,000
Since Jan.1'27 7.808.000 81.811,000 3,941.000
New Orleans for foreign ports
• Receipts do not include grain passing through
on through bills of lading.
week
The exports from the several seaboard ports for the
annexed
the
in
shown
are
1928,
ending Saturday, May 5
statement:
Barley.
Rye.
Oats.
Flour.
Corn.
Wheat.
Bushels.
Bushels. Bushels. Barrels. Bushels. Bushels. 123,410
134,942
62,492
593,506
25.000
6,000
1,000
182,000
26,000
1,000
106,000
6,000
43,000
280,000
112,000
2,000
99.000
5,000
26,000
63,000
16.000
40,000
94,000
16,000
40,000
42,000
8,000
4.000
345,000
6,000
1,000
ExportsfromNew York
Boston
Philadelphia
Baltimore
Norfolk
Newport News
New Orleans
Galveston
Montreal
St. John, N. B
Houston
Total week 1928- 1.506,506
Same week 1927.... 7,311.272
259,000
135.000
113,000
212,534
140,492
182,333
326,942
895,563
123,410
498,207
since
The destination of these exports for the week and
July 1 1927 is as below:
Flour.
Exports for Week
and Since
July 1 to--
Week
May5
1928.
Since
July 1
1927.
Wheat.
Week
May 5
1928.
Since
July 1
1927.
Corn.
Week
May 5
1928.
Since
July 1
1927.
Bushels. Bushels.
Bushels.
Bushels.
Barrels. Barrels.
52,000 2,293,895
531.986 68,771,025
3,414.988
United Kingdom. 54,832 5,007.317
139,764,820 195,000 6,738,390
974,520
75.660
239,000
Continent
318,000
356.555
742,000
12,000
So.& Cent. Amer- 3,000
41,000
427,000
5,000
West Indies
1,334,003
606,163
Other countries... 2,000
210,226,848 259,000 10,011,285
140,492 9,812.023 1,506,506 251,368,092 135,000 4,854,137
Total 1928
182,333 10,524,333 7,311,272
Total 1927
comprising the stocks in
The visible supply of grain,
tion at lake and
accumula
of
granary at principal points
follows:
as
were
5,
May
y,
Saturda
seaboard ports
United StatesNew York
Boston
Philadelphia
Baltimore
New Orleans
Galveston
Fort Worth
Buffalo
' afloat
Toledo
Detroit
Chicago
- afloat
Milwaukee
afloat
Duluth
" afloat
Minneapolis
Sioux City
St.Louis
Kansas City
Wichita
GRAIN STOCKS.
Rye,
Oats,
Corn.
Wheat.
bush.
bush.
bush.
bush,
6,000
101.000
4,000
123.000
3,000
3.000
12,000
52,000
61.000
35,000
7,000
41.000
118,000
251,000
10.000
77.000
240,000
308,000
8,000
55,000
576,000
2,000
38.000
174.000
1,157.000
143.000
587,000
1,128,000
479,000
6,000
83.000
24,000
1,075,000
9.000
44.000
72,000
215,000
573,000
3,982,000
3,122.000 12.250.000
100,000
24,000
773,000
10,000 1,671,000
150,000
65,000
493,000 3,839,000
189.000
23,578,000
521.000
395,000
16,952,000 1,191.000 2,986,000
149,000
177,000
158,000
4,000
174.000
917,000 1,512,000
109,000
24,000
5,069,000 6,281.000
166.000
1,677,000
Barley.
bush.
MOO
132,000
36,000
442,000
39.476.000 31,315,000 9,919,000 5,148,000 2,124.000
Total May 5 1928_
6i616.000 33,555,000 11,188,000 5,532,000 2,316.000
Total Apr. 28 1928
Total May 7 1927____34,773,000 34,850,000 26,447,000 7,551,000 1.088,000
Note.-Bonded grain not included above: Oats. New York. 7,000 bushels; BaltiNew
more, 3,000: total, 10,000 bushels, against 364,000 bushels in 1927. Barley,
York, 26,000 bushels; Boston, 40,000; Baltimore, 11,000; Buffalo afloat, 722,000;
Wheat,
1927.
in
bushels
Duluth, 44,000; total, 843,000 bushels, against 2,853,000
New York, 1,024,000 bushels; Boston, 232.000; Philadelphia, 398,000: Baltimore,
460,000; Buffalo. 2,830.000: Buffalo afloat. 1.944,000: Duluth. 352,000; on Lakes.
1,992,000; Canal, 470,000; total, 9,700,000 bushels, against 17,238,000 bushels in
332,000
147,000
95,000
1,852,000 2,709,000 3,190,000
394,000
370,000
20.000
Total May 5 1928..._68,973,000
Total Apr. 28 1928.....76,691.000
Total May 7 1927._35,262,000
I
Since Aug.14,037,000
28,858,0003
138,853,000
Summary.._-_192719,049,000391,642.000257,110,000
__.-._ .._
59.476,000 31,315,000
000 American
17,779.000289.437,000190,861.000188,333.00063.926,00020.830.
1925
68,973,000
Canadian
Receipts at--
Rye.
bush.
Barley,
bush.
95,000
26.000
3,000
21,000
15,000
5,000
3,000
69.000
39,000
678.000
542,000
8,000
72,000
70,000
1,967,000 3.226,000 3,916,000
2,377,000 3,268,000 3,962,000
5,577,000 2,482,000 4,673,000
9,919,000 5.148,000 2,124,000
1,987,000 3,226,000 3,916,000
Total May 5 1928...128,449,000 31.315.000 11,886.000 8.374,000 6,040,000
Total Apr. 28 1928...138,307,000 33,555,000 13,545,000 8.800,000 6,278,000
Total May 7 1927... 70,035,000 34,850,000 32,024.000 10,033.000 7,761,000
The world's shipments of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange, for the week
ending Friday, May 4, and since July 1 1927 and 1926,
are shown in the following:
Corn.
Wheat.
Exports.
1927-28.
Week
May 4.
Since
July 1.
1928-27.
Since
July 1.
1927-28.
Week
May 4.
Since
July 1.
1928-27.
Since
July 1.
Bushels.
Bushels. I Bushels.
Bushels.
Bushels.
Bushels.
14,487,000 5,268,000
North Amer_ 8,089.000416.164,000424.760.000 248,000
33,759,000
306,000,
19,539,000
42,884,000
9.512,00g1
32.001
Black Sea...
2,194,000145,264,00 106,057,000 5,638,000227,211,000210,120,000
Argentina_
Australia _ _ _ 1,488.1:: 58,751,00 78,898,00
8.688.0001 4,416,000
376,0
India
480,11 27,520.0001 20,905.000 612,000 23,935,000 3,597,000
0th. countr'
252,744,000
Total... 12,659,000685,899,000677.918,00 6.804,000285,172,0,1
WEATHER BULLETIN FOR THE WEEK ENDED
MAY 8.-The general summary of the weather bulletin,
issued by the Department of Agriculture, indicating the influence of the weather for the week ended May 8,follows:
res were generally subnormal
Atithe beginning of the week temperatu
was warm for the season over conover most sections of the East, while it
during the first day.
scattered
was
ion
traliand western areas. Precipitat
rather general rains over parts of the
but on that following there were
and the central Rocky Mountains.
central and southern Great Plains
warm in the East, but temperatures
The 4th and 5th were abnormally
and this area of cool weather
continued rather low west of the Great Plains,
districts by the 6th. There
moved slowly eastward to the Atlantic Coast
of the Rocky Mountains from the
was little precipitation reported west
the falls confined to the extreme Pacific
3d to the close of the week, with
Northwest.
re on the 5th over parts of
There was a rather sharp drop in temperatu
following day many stations of the Norththe Ohio Valley, and on the
of 20 dog. or over. At the close of the
east reported a fall in temperature
sections of the Southeast, with a
week precipitation occurred over many
and Georgia reporting falls of over 2 inches
few stations in South Carolina
the East at the close of the week,
in
the
season
In 24 hours. It was cool for
normal over most areas from tho Great
but temperatures were above
Plains westward.
that the week, in general,
The temperature data in the table shows
weather in the Southern States,
had a continuation of rather cool
Mountains there was a marked reaction
but elsewhere east of the Rocky
mean temperatures practically everywhere
to much warmer, with the weekly
6 deg. to 8 deg. above. West of
ranging from near normal to as much as
While it was considerably cooler
the Rockies warm weather continued.
of the week, freezing temperatures in
in the East during the latter part
northern border of the country,
agricultural districts were confined to the
Yellowstone Park, Wyo., on May 3.
with the lowest reported, 22 deg., at
Valley eastward, and generally
Chart II shows that from the Mississippi
mostly light, except that it was
in the west Gulf area, precipitation was
in northern Georgia. South
heavy in parts of the Southeast, principally
There were substantial falls also
Carolina, and western North Carolina.
in much of the central Great Plains,
in the central Rocky Mountains and
Nebraska and adjoining sections.
being especially timely and oeneficial in
during the week was very
West of the Rocky Mountains precipitation
bel amounts.
light, with most districts receiving inapprocia
l portions of the country.
The week brought to the principal agrlcultrua
recently prevailed for field work.
in general, much better weather than had
of crops, and farming operations
several
and also for germination and growth
rainfall in the Southeast, withbut cool
made more favorable advance.
better germination and growth,
days of warm weather, promoted
the Atlantic area.
In
l.
detrimenta
rather
again
much
rains at the close were
the warmer weather during
growth
the Ohio Valley, and the Lake region
in farm work and crop
of the week was welcome and more activity
Valley westward
i
Mississipp
the
from
heretofore
was noted. In the west Gulf area
and less rain in others
timely showers occurred in some dry areas
i Valleys
Mississipp
too wet.
upper
and
Ohio
Moisture Is still needed in parts of the
rains in the Great
but timely, generous
moisture sufficient for
and also in most of Missouri,
supplied
and
conditions
area
areas.
Plains materially improved
Dakota and some other local
wheat
present needs, except in parts of South
the greater part of the spring
Mountains favorThe weather was nearly ideal in
Rocky
the
of
West
Belt.
of the Great
and the western winter Wheat
rain is still needed in much
able conditions continued, though
Basin.
MAY 12 1928.1
FINANCIAL CHRONICLE
SMALLAGRAINS.—The weather was fairly favorable in the eastern
winter wheat Belt, and some slight advance in the crop remaining was rereported. With the warmer weather there was also some improvement
indicated in upper Mississippi Valley districts, with progress and condition
Mostly fair in northwestern Missouri, but elsewhere in that State mostly
poor. In the Great Plains area, and westward to the foothills of the Rocky
Mountains, timely rains and moderate temperatures were of material
benefit; with progress of wheat generally very good and moisture now
sufficient for present needs in most districts. In the far Northwestern
States conditions continue generally favorable.
The week was nearly ideal in most of the spring Wheat Belt and seeding
has been nearly completed, with favorable conditions for germination,
except in parts of South Dakota where the soil is too dry. Oats also made
better progress, with the improved weather, though this crop continues
in p000r condition and stand in some heavy producing sections, particularly in the middle and upper Mississippi Valley. Rice seeding has been
nearly completed in Louisiana. Some flax was sown in the northern
Plains area.
CORN.—With the better weather, corn planting made vigorous advance
in the middle Atlantic area, and also in the central Valley States, with
seeding in progress northward to Pennsylvania and locally to South Dakota.
In Iowa, advance of seeding was very good under favorable conditions,
except that the ground was breaking cloddy in the southeast and warm
rain was needed; planting ranges from well along in parts of the south
to none accomplished in some northeastern counties. Seeding made good
headway in most of the Great Plains, with much of the crop planted in the
southern Plains area.
COTTON.—While the week, as a whole, in the Cotton Belt was rather
too cool for best germination and growth, weather conditions, in general
showed improvement. Higher temperatures in the central and eastern
portions of the belt were helpful, but cool rains in the more eastern States
at the close were again detrimental
For the most part, planting and
replanting made good advance in the Carolinas and Georgia, and planting
was begun to the extreme northeastern portion of the belt, but germination
and stands continued poor to only fairly good because of recent cold,
wet soil. Fair to good advance in seeding and reseeding was reported
from the Mississippi Valley States, but many complaints were registered
of poor stands and slow to only fair growth of early-seeded.
In Texas. less rain in the northeast and additional moisture in parts
of the south and west made somewhat more favorable conditions,
but
growth is still slow because of cool nights, and stands are generally poor
to only fair; planting and replanting progressed well, but the soil remains
too dry for germination in parts of the central and west, with the season
very backward. In Oklahoma, the weather favored field operations, but
planting progressed slowly in the east because the soil remained too wet
and cool, and the early-seeded is reported as coming up to generally poor
stands. In the far Southwestern States weather conditions were generally
favorable.
• BANK NOTES—CHANGES IN TOTALS OF, AND IN
DEPOSITED BONDS, &c.—We give below tables which
show all the monthly changes in national bank notes and in
bonds and legal tenders on deposit therefor:
Apr. 30 1928
Mar. 31 1928
Feb. 29 1928
Jan. 31 1928
Dec. 31 1927
Nov 30 1927
Oct. 31 1927
Sept. 30 1927
Aug. 31 1927
July 31 1927
June 30 1927
May 31 1927
Apr. 30 1927
Mar.31 1927
Feb. 28 1927
Jan. 31 1927
Dec. 31 1926
Nov. 30 1926
Oct. 31 1926
Sept.30 1926
Aug. 31 1926
July 31 1926
June 30 1926
May 31 1926
Apr. 30 1926
Texas.—Rouston: Light to heavy precipitation general middle
of wee
- k
and favorable, but beneficial effect partly offset by following
northerly winds and cool nights. Progress of pastures, winterdrying,
oats,
spring truck and oats, and feed crops fair to good: condition wheat,
to fair:
oats heading short. Progress and condition of corn fair topoor
very good.
but needing rain over considerable portion of State. Lighter
rains
northeast and heavier in portions of south and west more favorable in
for
cotton, but growth slow due to following cool nights; condition
and stands
poor to fair; planting and replanting good progress, but soil too
dry
for
germination in portions of central and west.
Oklahoma.—Oklahoma City: Seasonable temperature, ample
sunshine,
and light to moderate precipitation favorable for growth of crops,
but
planting and cultivating retarded in east account wet soil.
Progress of
winter wheat generally very good, beginning to head; conditions
spotted,
but averages fair. Progress of corn fair; much planting and
replanting:
early being cultivated. Cotton planting progressed rather slowly
as ground
too wet and cold in east; early-planted coming up generally to poor
stands.
Arkansas.—Little Rock: Progress of early cotton only fair, due to
ness, and stands poor; planting and replanting in all portions during coolweek, and well along in south. Progress of corn fair in north, due topast
low
temperatures, but very good in south; planting nearly completed
in some
southern portions; early stands poor, but late very good. Very favorable
pastures,
and fruit.
for wheat, oats, meadows,
Tennessee—Nashville: Favorable weather resulted in much corn planting
except in north: progress and condition of early crop very good,
while
some fields in central and west require replanting account wet soil. General
cotton planting in some counties and progress good: replanting necessary
wheat
Winter
improving
in
counties.
other
growth
in
and color; progress
of early very good, especially in east.
Kentucky.—Louisville: Rapid progress in corn and cotton planting;
land mostly ready: more favorable for germination, but little up. Tobacco
plants plentiful; made fair growth, but need warm rains. Oats generally
good. Clover, alfalfa, and blue grass improving slowly. Progress of best
fields of winter wheat fair and show improvement, but condition mostly
continued poor.
Bonds.
Legal
Tenders.
Total.
666,196,460
666,866,710
667,011,210
666,230,710
667,127,710
666,830,210
666.873,290
666,985,790
667.143,790
667,156,290
666.991,130
667.095.680
665,724.930
665,641,990
666.138.640
664.503,940
666,211,440
666,278,180
665,492,880
665,830,440
665,889,940
665,941,890
665.616,390
665,465,140
665.686,140
$
661.127,660
662,412,992
661,481,322
659.332,017
662,380,082
663,340,675
663.167,030
662,742,593
663,747,178
661,550,768
661.288.545
663,156,720
662.238,833
661,673,603
660,366.240
657,364,790
661,046,465
662.764.613
661,742,830
660,555.797
659,760,467
661.434.195
660.986,560
660,677,175
661.664.478
38,814.599
36,802,227
38,250,372
38.407,517
38.623.507
39,060.424
39.825,664
40.537.019
41.052.614
42.967.269
42,857,722
42,777,217
39,074,404
38.251.364
38.825,184
37.856,759
36.721.464
37,927,974
38,971,702
39.178,467
39.768.777
40,714.779
41,682.684
42,697,987
42.519.201
699,942,169
699.215,219
609,731,694
697,739.534
701,003,589
702,401,099
702,992,694
703,279,612
704,799,792
704,518,037
704,146,267
705,933,937
701,313,237
699,924,967
697,191,424
695,221,549
697,767,929
700.692,587
700,714,532
699,734,264
699,529,244
702,148.974
702,669,244
703,375,162
.704,183,679
National Bank Circulation.
Afloat on—
The following shows the amount of each class of United
States bonds and certificates on deposit to secure Federal
Reserve bank notes and national bank notes on April 30.
U.S. Bonds Held Apr.30 1928 to Secure—
Bonds on Deposit
Apr. 30 1928.
Virginia.—Richmond: Fair progress in farm work and crop
Soil rather wet for plowing in some localities. Change to coolergrowth.
last of
week unfavorable for corn planting. General planting of cotton and
peanuts begun, but warmer weather needed for these crops. Early potatoes
In good condition.
illabama.—Montgomerv: Farm work good progress, but
very backward. Planting and replanting corn continued;
stands of crop up poor
to good. Progress and condition of oats,
potatoes, truck, pastures, and
tree fruits mostly fair to good. Planting and replanting
cotton mostly
good progress: condition of crop up improved only slightly,
and stands irregular; varies from poor to good; chopping mostly poor
beginning in
southeast; some coming up in extreme north.
Mississippi.—Vicksburg: Mostly light rains in central and
wise none. Fair progress in replanting cotton in south andnorth; otheron uplands
elsewhere; rather poor quality of satisfactory seed. Progress
mostly fair in south, but color and growth rather poor elsewhere. of corn
Progress
of truck poor to fair: pastures good.
Louisiana—New Orleans: Dry, windy weather unfavorable
for most
crops, and nights too cool for good growth. Much cotton
planted over,
but planting and replanting practically completed; progress
and condition where up poor; unusually late, but some chopping.
Progress of corn
fair. Corn, cane, and minor crops need rain and warmth.
Rice planting
nearly completion: early rice being_irrig&ted,
Amount Bonds
on Deposit to
Secure Circula
Hon for National
Bank Notes.
$4,154,618 Federal Reserve bank notes outstanding May 1 1928, secured by lawful money. against $4,854,238 on May 2 1927.
The Weather Bureau also furnishes the following resume
of the conditions in the different States:
North Carolina.—Raleigh: Soil mostly too wet at beginning and
end,
but balance of week favorable for work, with planting
replanting of
cotton, corn, and tobacco pushed. Progress of cotton and
mostly one
to two weeks late. Fruits good. Clover, meadows, andpoor;
pastures good to
excellent: some improvement in truck.
South Carolina—Columbia: Warm weather especially favorable
germinating cotton, corn, and other Spring crops and for plowing for
and
planting, which proceeded rapidly, but week closed wet and cool.
Corn
and cotton stands fairly good, but iregular accounts
cold and
much replanting: chopping cotton and cultivating cornprevious
in south. Sweet
potato transplanting begun and tobacco transplanting practically
finished.
Georgia.—Atlanta: Weather ideal for work to Sunday and much plowing and planting accomplished. Planting and replanting
progressed
rapidly in all divisions: progress good, but condition cotton
and stands still
chopping progressing in south. Much upland planted and
earlypianted
being cultivated. Wheat and oats headed well; harvest begun.
potatoes, and pastures doing well. Rather heavy May drop ofTruck,
Riley
peaches, but trees still heavily loaded.
Florida.—Jacksonville: Progress and conditions of cotton very
poor;
much abandoned, but some replanting; seed
Dry and cool, with
much sunshine until Monday, when showers onscarce.
peninsula;
soil
dried
rapidly
in north and west, but some lowlands still soggy. Corn
slow growth
and yellow in west; fair to good on peninsula. Melons
backward. Cane
peanuts, and citrus doing well.
2923
2s, U.S. Consols of 1930
211, U. S. Panama of 1936
2s, U. S. Panama of 1938
Totals
On Deposit to On Deposit to
Secure Federal
Secure
Reserve Bank Natiorust Bank
Notes
Notes.
$
$
591,890.100
48.568,540
25,737,820
Total
Held.
591,890,100
48,568,540
25,737,820
666,196,460 666,196,440
The following shows the amount of national bank notes
afloat and the amount of legal tender deposits April 2 1928
and May 1 1928 and their increase or decrease during the
month of April:
National Bank Notes—Total Afloat—
Amount afloat April 2 1928
Net increase during April
Amount of bank notes afloat May 1
Legal Tender Notes—
Amount on deposit to redeem national bank notes April 2
Net amount of bank notes issued In April
Amount on deposit to redeem national bank notes May 1 1928
$4899,215.219
726,950
8699,942,169
838,802.227
2,012,282
838,814,509
National Banks.—The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS TO ORGAN IZE APPROVED.
April 24—The First National Bank of Salmis, Iowa
25.000
Correspondent, A. D. Barker, Sabula, Iowa.
April 24—The Point Pleasant Beach Nat'l Bank, Point Pleasant
Beach, N. J
100,000
Correspondent, James W. Pearce, 706 Atlantic Ave..
Point Pleasant Beach, N. J.
APPLICATION TO ORGANIZE RECEIVED.
Capital.
May 5—The Palatka Atlantic National Bank, Palatka, Fla
$100,000
Correspondent, J. M. Baker, Care of Atlantic National
Bank, Jacksonville. Fla.
CHARTERS ISSUED.
April 30—The Lumbermens Nat'l Bank & Trust Co., Hoquiam,
Wash
8100.000
President, Gaylord Adams; Cashier, R. E. Dawdy.
Converison of the Lumbermens Bank & Trust Co.,
lioquiam, Wash.
May 1—The First National Bank of Bangor. Wis
50.000
President, L. J. Roberts; Cashier, E. J. Wiles. Conversion of the Bangor State Bank, Bangor, Wis.
May 1—The Third National Bank & Trust Co. of Camden, N. J. 200.000
President, William McCully; Cashier, Henry L.
Lippincott.
CHANGES OF TITLES.
April 30—The City National Bank of Battle Creek,Michigan, to
"The City National Bank & Trust Co. of Battle Creek."
May 1—The Peoples National Bank of Pemberton, N. J., to
"The Peoples National Bank & Trust Co,ofPemberton.'
May 1—The Lynbrook National Bank, Lynbrook, N. Y., to
"The Lynbrook National Bank & Trust Co."
VOLUNTARY LIQUIDATIONS.
May 1—The Stapleton National Bank, Stapleton. N. Y., N. Y$200.000
Effective 4 p. m. April 30 1928. Liquidating Agent,
Corn Exchange Bank. New York, N. Y. Absorbed by
Corn Exchange Bank, New York, N. Y.
May 2—The First National Bank of La Habra, Calif
50,000
Effective March 8 1928. Liquidating Agent, A. H.
Leydecker, Care of French American Corp., San Francisco, Calif. Absorbed by Security Bank & Trust Co. of
Bakersfield, Calif.
May 5—The First National Bank of Weatherford, Okla
25,000
Effective April 12 1928. Liquidatidatingent. F. B.
Lucas, Weatherford, Okla. Absorbed by
t State
Bank of Weatherford, Okla,
May 5—The Citizens National Bank of Valliant, Okla
Effective April 7 1928. Liquidating Agent, Bernie 25.000
Herstedn, Idabel, Okla.
BRANCH AUTHORIZED UNDER THE ACT OF FEB. 25. 1927.
April 30—Holston-Union National Bank of Knoxville, Tenn.
Location of Branch: Vicinity of the corner of Gay and
Commerce Streets, Knoxville
[VOL. 126.
FINANCIAL CHRONICLE
2924
DIVIDENDS.
Auction Sales.-Among other securities, the following,
not actually dealt in at the Stock Exchange, were sold at auction
Dividends are grouped in two separate tables. In the.
in New York, Boston, Philadelphia and Buffalo on Wednes- first we bring together all the dividends announced the
day of this week: By Adrian H. Muller & Sons, New York: current week. Then we follow with a second table, in
$ per sh. which we show the dividends previously announced, but
Shares. Stocks.
$ per sh. Shares. Stocks.
20 Valier-Montana Land & Water
10 Chase National Bank
735
$5101 which have not yet been paid.
116 Kansas City Ky. Co., pref. ben.
Co., pref
ctfs
The dividends announced this week are:
$5 lot $150 note of Frederick W. Cole,
1923, pay.on dem.;
59 Ohio & Indiana Consol. Natural
& IIlum. Gas Co
$I lot
10,000 Engineers Exploration Corp.,
no par
$35 lot
212 A.%intik & Co., Inc., 1st pref..
par $10; $1,060.67 KroUk Realty
Co.6% debenture
$360 lot
500 Sequoyah Oil & Refg. Co., Dar
$1
$1 lot
Sundry accounts receivable, aggregating approximately $4,191.17,
$230 lot
dated Feb.17
$100 note of M. T. McLaughlin,
dated Dee. 6 1921, pay. 6 mos.
after date, with int. at 6%;$500
note of George Buchanan Fife,
dated Oct. 1 1908. pay. on dem.
25 shs. Electric Mfg. & Equip.
Co. 27 Amer. 3: Foreign Trade
Corp. corn.; 10 Ammonia Corp.,
pref. A;6 Ammonia Corp. corn.,
no par; 1,000 shs. Amer.Cites Co.
$12 lot
pref
By R. L. Day & Co., Boston:
$ per share.
Shares. Stocks.
10
65 Harbor Trust Inc., pfd
9034
3 Firestone Footwear Co.,pfd
1
134 City Central Corp.,com
2
118 City Central Corp.. pfd
10 Mass. MIL Inv. Tr. pfd par
463 & div.
$50
76-76H
40 Plymouth Corilage Co
10 Chamb.of Corn.ItIty Tr. 1st pfd.47
120 Gt. Nor. Pap. Co., par $25_90-90H
30 No. Bost. Ltg. Prop., com_ _9134-92
1035 Std. Pub. Co. A new, par $25_ 123s
65
62 Western Mass.Cos
13 New Engl.Pow.Assoc., pfd_ - -.10253
40 Boston Ground Rent Tr_ _11534 ex-div
331
2 Algonquin Printing Co
20
10 Saco Lowell Shops, 1st pfd
80
20 Stafford Co.,pfd
5534
4 units 1st Peoples Trust
10 Plym. & Brock. St. Ry. Co.;
$1000 Plymouth Bv Brock. Inc.,
mtge. 6s, July '32. coup. July
'27.3:sub.on;$1,000 Plym.& Brock.
1st m. 6s July '32, COUD. Jan.
$260 lot
'27 & sub. on
Note for $10,000 dated Mar.30'27,
due 3 mos. aft, date, int. 7%.
Given by Ivar Ingelstrom to
Christian A. Zappe and Johanna
Zappe with mtge. on real est. on
Lindale Ave., Dedham. Mass.,
$4,000 lot
to secure said note
8 per Right.
Rights.
48
150 Wore.Bk.& Tr. Co
•
By Wise, Hobbs & Arnold, Boston:
$ per sh.
Shares. Stocks.
$ per sh. Shares. Stocks.
9611
12 Merrimack Chemical
550
25 Nat. Rockland Bank
2
11 Federal Nat. Bank_._260H-260-26091 15 Nat. Dock Trust common
495 H 60 Lynn Gas & El. Co. v. t. c__18434-34
30 First National Bank
280-283
90H 15 U.S.Envelope Co
73 Pepperell Mfg
6434
50 Lancaster Mills pref
153S 60 Haverhill Gas Light
$2 lot
25 Androscoggin Mills
8og 300 Cent, Steel Co. Am.,Inc
25 Dedham & H. P. G. & E. Co.
5 Suncook Mills preferred
35
4734
v.t c
20 Nyanza Milts
35
108 ex-div.
10 Westfield Mfg. Co
13
2.5 Ipswich Mills pref
_123
com.
v.
t.
c_
P.
Co.
Lt.
dv
Rkld.
52
1 Nashua Street Ry
12
71
50 Montana So. Ky. Co. pref.-35.501ot 25 N.E.Pub. Ser. Co. corn
15 Thomson Electric Welding
36
55 Attleboro S.& El. Co. v.t.e__10734-34
Bldg.
Tr
850
Trade
69 3-5 Suburb. El. Sec. Co. 2d pt._ 13 50 Board of
58H
15 Eastern Mfg. pref
65
50 Western Mass. Cos
20 B. & 0. and G. & E. Wilson.
147
10 Samson Cordage Works
$1 lot
Inc.. pref
76-75-75 34
315 Plymouth Cordage
20 B. & 0. and G. & E. Wilson,
137
1 Bay State Fishing com
$1101
.55 Met. Filling Sta., Inc., class A... 83,5
Inc
50 East. Util. Assoc. corn
443. 100 Manganese ABSO. DI. 6% D11. In
distribution
Dart
25
10 Nan. Beach Steamboat
$2 lot
635 Jackson Mot. Corp
250
10 Nicholson File
$1 lot
54g 15 Cupton S. Co. N.E. pref
10 Amer. Mfg.Co.common
$1101
C.
N.
E
S.
Cupton
77H 7H
15 Spring. Gas Lt. Co.v.t.e
$5 lot
58H 340 Coeur d'Alene Min. Co
15 Eastern Mfg. pref
2
pref.__
2d
Confee.
Co.
Package
50
2
5 Puritan Bakeries Inc. pref
2
3 Package Confec. Co
26 No.Bost. Lt. Pr. corn. v. 1. 0._ _ 94
20 units First Peep. Trust...55-52443i 50 Dow Compos. Machine Co.(ctf.
1
of
deposit)
50 Heywood Wakefield Co. 2d pf_ _ 72
Receipt for $20,000 1st mtge. bonds
40
5 West Boston Gas v. t c
lot
$5
Jackson
Motors
Corti
the
of
_10234
pref.._
42 N. E. Pow. Assoc.6%
per sh.
Shares. Stocks.
32734
2 Atlantic Nat Bank
440
10 Second Nat Bank
4 Webster & Atlas Nat.Bank
196
6 First Nat Bank
495
6 Webster & Atlas Nat Bank
19634
20 Boston Nat Bank
172
1 Nat Shawmut Bank
375
4 Merchants Nat Bank
436
10 Old Colony Tr Co
ex-div. 4611a
6 Amer Tr Co
498
3 First Nat.Bank, Malden
231
40 Nashawena Mills
383-389
11 Naumkeag Steam Cotton Co_ _ - _153
20 Great Falls Mfg.Co
634
10 Pepperell Mfg.Co
903
6 Dwight Mfg. Co., par $25
73
934
200 Connecticut Mills, lot pfd
40 Farr Alpaca Co_ _ _1273,
4-126H-125H
17 Androscoggin Millz
76
.
5 Boston & Maine RR., 1st pfd
114
C stamped
11334
3 Northern RR.,N.H
14 United States Envelope Co.corn.280
60 2nd Inter. Secur. Corp.6% pfd.
46.j
par $50
20 Merri'k Chem. Co.. par $50_ _9734-98
55-6034
11 Salem G.L.Co., par $25
115 Jackson & Co., Inc., com_52,500 lot
5 Mass.Bonding & Ins.Co
601
87 Mass. Util. Inv. Tr, pf par $50
4634 & div.
100 Mass. Util. Inv.Tr.com.v.t. C. 12g
96
5 Municipal Service Co., pfd
By Barnes & Lofland, Philadelphia:
$ per sh.
Shares. Stocks.
10 wilts Brotherhood Investment
$10 lot
Ohio
Co.. Cleveland,
•
30 Tradesmen's National Bank _ _ - -705
775
3 Penn National Bank
9 Kensington Nat. Bank. par $50..275
432
5 Textile National Bank
350
5 Union Bank & Tr. Co
350
90 Union Bk.& Tr% Co
360
10 Union Bk. &'Tr. Co
Co.,
Tr.
Bk.
&
M.
&
M.
Mitten
3
11911
stamped
4 Mitten M.& M.Bk.& Tr. Co..
12934
unstamped
616
7 Ninth Bk.& Tr. Co
616
3 Ninth Bk.& Tr. Co
49734
10 Bk. of No. Amer.& Tr.Co
4 Susquehanna Title & Tr. Co., par
6334
$50
123
50 Bankers Trust Co., par $50
ra. Co. for Ins. on Lives, &c., as
follows: 5 at 98534; 2 at 98334;
983
12 at
2 Northeastern Title & Tr. Co.,
156
par $50
30 William Penn Title & 'fr. Co.,
80
Dar $50
327
5 Colonial Trust Co.. Par $50
720
20 Integrity Trust Co
10 Integrity Trust Co., par $50_ _ _ _716
10 Community Trust C,o., par $50_415 lot
23 Wharton Title & Tr. Co., par $50 55
10 69th St. Term. Title dv Tr. Co.,
136
par $50
3 Market St. Title & Tr. Co.. Par
666
$50
9 Guarantee Tr.& Safe Dep. Co_ _ _455
100 Media (Pa.) Title & Tr. Co._ _206
1 Broadway Merchants Tr. Co.,
372
Camden, N. J
10 Haddonfield(N.J.) Safe Deposit
190
& Trust Co
225
9 Camden Safe Dep. 3: Tr. Co
250 Glenside Trust Co.. par $550.- 63
50 Commonwealth Casualty Co..
2334
with rights
$ per sh.
Shares. Stocks.
5 Pocono Manor Assn., pref., par
44
$50
10 Constitution Indemnity Co.,
39H
par $IO
3 Girard Ave. Farmers Market Co.,
35
par $50
21 Girard Ave. Farmers Market
35
Co.,ar S50
Perpetual Membership In the Mer61
cantile Library Co. of Phila
116
7 Union Pass. Ry
19811
10 Citizens Pass. Ry
$30 lot
668 Frazier & Co., Inc., com
8 John B.Stetson, com., no par_ _ _ in g
6 Philadelphia Bourse, pref., par
26H
$25
26 Philadelphia Bourse, corn., par
34
$50
Membership In the Rolling Green
Golf Club, dues paid to July 1...755
Eleven mortgages of $4,300 each, secured on premises, Nos. 6503,
6521-23-25-27-29-31, 6537, 654345-47 Van Dyke St., Phlia..55,000 lot
5 Drovers & Merchants Nat. Bk 18091
11 4-6 Real Estate Land Title & Tr.
740
Co
476
9 Jenkintown Bank & Tr. Co
200
1 Land Title Bldg. Corp
200
1 Land Title Bldg. Corp
5 Manufacturers Title & Tr. Co_ _ 60
50 Quaker Products Co., $250;
10
profit sharing ctf
$ per right.
RightsCommonwealth Casualty Co.as follows: 100 at 3; 250 at 234; 75 at
2
2H;200 at 2g;240 at
Per Cent.
Bonds$2,100 Chester, Pa. street mut.
and sewer 5s; due 1928, 1930,
101
1932 (8100 pieces)
51,500 St. Charles Hotel Co., Atlan9234
tic City, 1st 630, 1945
$1,000 Bergner de Engel Brewing Co.
45
1st 6s, 1929 ctf. of deposit
By A. J. Wright & Co., Buffalo:
$ per sh.
Shares. Stocks.
1 Buff. Mag.& East.Pow.,no par_ 45
10 Hill Pierce Oil & Refining Co.,
$1.75 lot
par $10
$ per sh.
Shares. Stocks.
10e,
1,000 Hilltop Mines, par St
134 Nat'l Motors Corp., no par_50e. lot
1,000 Potter-Doal M., Ltd., par il 100
Name of Company.
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Railroads (Steam).
•32
Alabama G.& Sou., com
June 28 *Holders of roe. May 24
Common (extra)
*51.50 June 28 *Holders of rec. May 24
Preferred
*$2
Aug. 15 *Holders of rec. July 11
Preferred (extra)
4.$1.50 Aug. 15 *Holders of rec. July 11
Catawissa, lot & 2d preferred
4E1.25 May 22 Holders of rec. May 120
Chestnut Hill (quar.)
•75e. June 1 *Holders of ree. May 21
Chicago Burlington & Quincy
5
June 25 Holders of rec. June 18
Chicago dr North Western, common_. •2
June 30 *Holders of rec. June 1
Preferred
'334 June 30 *Holders of rec. June 1
Chicago R. I. & Pacific,7% pref
'311 June 30 *Holders of rec. June 1
•3
6% preferred
June 30 *Holders of rec. June 1
•1 ti June 1 *Holders of rec. May 14
Cln. N.0.& Tex. Pac., pref. (quar.)_
Cleveland & Pitts.. guar.(quar.)
8714e. June 1 Holders of rec. May 106
Special guaranteed (quar.)
50e. June 1 Holders of rec. May 106
Colorado & Southern, 1st pref
2
June 30 Holders of rec. June 18a
*2
Delaware & Bound Brook (quar.)
May 21 *Holders of rec. May 16
Phila. Germantown & Nor (quar.)
411.50 June 4 *Holders of rec. May 21
PUtsb. Bessemer & Lake Erie, pref
$1.50 June 1 Holders of rec. May 15
St. Louis Southwest, pref.(quar.)
June 30 *Holders of rec. June 15
Southern Pacific Co.(quar.)
'194 July 2 *Holders of roe. May 25
Texas & Pacific (quar.)(No. 1)
'134 July 2 *Holders of rec. May 31
2H July 2 Holders of rec. June 1
Union Pacific. common (quar.)
Public Utilities.
25c. June 1 Holders of rec. May 15
Amer.Power & Light,common (guar.).Common (one-fiftieth share corn. stk.)
June 1 Holders of rec. May 15
Amer. Telegraph & Cable (quar.)
'131 June 1 *Holders of rec. May 31
Associated Gas & El., orig. pref.(guar.). 18734c. July 2 Holders of roe. May 31
151.75 July 2 Holders of rec. May 31
$7 preferred (quar.)
Central Ark. Pub. Serv., pref. (quar.).. 1)4 June 1 Holders of roe. May 15
Central Gas & Elec., OH pref. (qu.)..*$ 1.6234 June 1 *Holders of rec. May 10
*$1.75 June 1 *Holders of rec. May 16
57 preferred (quar.)
•4334c June 15 *Holders of rec. May 26
Class A (quar.)
Central III. Pub. Serv., pref.(guar.)._ _ 1.$1.50 July 16 *Holders of rec. June 30
Central Indiana Power, pref.(quar.)_ _ _ •$1.75 June 1 *Holders of rec. May 19
Empire Gas& Fuel8% pref.(monthly).* 66 2-3e June 1 *Holders of rec. May 15
•58 1-3e June 1 *Holders of rec. May 15
7% preferred (monthly)
•
635% preferred (monthly)
June I *Holders of rec. May 16
Gary Railways, class A pref.(quer.). _ •$1.80 June 1 *Holders of rec. May 19,
Hackensack Water, common
June 1 Holders of rec. May 14
Preferred (quar.)
'87110 June 1 *Holders of rec. May 14
$1.50 July 1 Holders of rec. June 12a,
Indianapolis Water, pref.(quar.)
•13.‘ June 1 *Holders of rec. May 15
Indiana Service, 7% pref. (quar.)
4.13S June 1 *Holders of roe. May 15
6% preferred (quar.)
International Pow. &cur. $6 pref., A_ _ _ $3
June 15 Holders of reo. June 1
Keystone Water Works,$635 pf.(qu.)-3 1.6294 May 15 Holders of rec. May I
Laclede Gas & Elec., prior lien (quar.)... •134 June 1 *Holders of rec. May 19
June 15 *Holders of rec.
Middle West Util, prior lien (guar.)._ *$2
31
•1ti June 15 *Holders of rec. May
6% cum. pref. (quar.)
May 31,
Monongah. W.Penn Wat. Serv., pf.(qu) 43He July 2 Holders of rec. June 15,
134
Nebraska Power, pref.(quar.)
June 1 Holders of rec. May 15
Nor. Am. Wat. Wks. Corp., $7 pf.(qu.) $1.75 May 15 Holders of rec. May I
Northern States Power (Wisc.), PL(q.) 1.34 June 1 Holders of rec. May 19.
Penn. G.dv El. Corp.,com.A & B (qu.)_ *3734e June 1 *Holders of rec. May 21
•134 June 2 *Holders of roe. June 20
7% preferred (quar.)
'$1.75 June 2 *Holders of rec. June 20
$7 preferred (quar.)
*2
June 15 *Holders of rec. May 31
Philadelphia Electric (quar.)
Portland Elec. Power,26 pref.(quer.)._ •13i June 1 *Holders of rec. May 15
Pub.Serv. Elec.& Gas,6% pf.(guar.)._ *1H June 30 *Holders of rec. June 1
June 30 *Holders of roe. June 1
7% pref. (quar.)
Southern Calif. Edison.ser A pref.(qu.)_ 433(c. June 15 Holders of rec. May 20
3734e. June 15 Holders of rec. May 20
Series B pref. (quar.)
Southern Colorado Power,7% pf. (qtr.). 134 June 15 Holders of rec. May 31
July 16 *Holders of rec. June 30
Southern New England Telep. (quar.)-- *2
Southwestern Pow.& L., pref.(guar.)._ _ 134 June 1 Holders of rec. May 15
June 15 Holders of rec. May 31.
Standard Gas & Elec.,8% pref.(qu.)._ _ 2
4.1%
May 15 *Holders of rec. May 5
Utica Gas & Elec., pref.(quar.)
*13f
, June 1 *Holders of rec. May 15
West Ohio Gas"A" pref.(quar.)
•$1.75 June 15 *Holders of rec. May 31
Wisconsin Pow. & Lt., pref. (quer.).
Wisconsin Public Service,7% Df.(qu.)- 111 June 20 Holders of rec. May 31
13S June 20 Holders of rec. May 31
694% preferred (quar.)
1H June 20 Holders of me. May 31
6% preferred (quar.)
Banks.
3
June 1 Holders of rec. May 25Port Morris (quar.)
Miscellaneous.
•81.50 June 30 *Holders of rec. June 15
Amer. Railway Express (quar.)
75e. July 1 Holders of rec. June 20
American Seating, com.(quar.)
134 July 2 Holders of rec. June 5a
Amer. Sugar Refg., pref.(quar.)
*75e. July 1 *Holders of rec. June 15
Artloom Corp., com.(quar.)
•75e. Oct. 1 *Holders of rec. Sept.21
Common (quar.)
*75e. Jan 1'29 *Holders of
Common (guar.)
Dec. 21
•1% Sept. 1 *Holders of rec.
Preferred (quar.)
rec. Aug. 17
Dee. 1 *Holders of rec. Nov. 16
Preferred (quar.)
June 15 *Holders of rec. May 21
Atlantic Refining, corn. (quar.)
Austrian Credit-Antstalt.34.50 May 16 *Holders of rec. May 14
American shares
*134 July
Babcock & Wilcox Co.(quar.)
Holders of roe. June 20
'134 Oct.
Quarterly
Holders of rec. Sept.20
Quarterly
Jan 1'2 Holders of rec. Dec. 20
•13,4 Apr1.2 Holders of ree.Mar.20'29
Quarterly
8730 July 1 Holders of rec. June 15
Bahia Corp., pref
*50e. June
Bastian-Blessing Co., corn. (quer.)
*Holders of rec. May 15
*50e. July 1 *Holders of rec. June 20
Bendix Corp.. corn. A.(quar.)
*75e. June 15 *Holders of rec. May 25
Best & Co.(quar.)
*50e. June
Brook (E. J.) & Sons (quar.)
*Holders of rec. May 19
•25e. July 2 *Holders of rec. June 1
California Petroleum (quar.)
Chicago Flexible Shaft, prof. (quar.)-- 1
June 1 *Holders of rec. May 31
Cincinnati Tobacco Wherehouse, corn_ _ $1
June 15 Holders of rec. June Si,
Clark Lighter.cony. A (quar.)(No. 1)._ *65c. June 1 *Holders of rec. May 18
•25e. June 1 *Holders of rec. May 15
Cleveland Stone (extra)
134 June 1 Holders of rec. May 15a
Consolidated Cigar, pref. (guar.)
134 July 2 Holders of rec. June 20a
Continental Can, pref.(quar.)
81.25 July 2 Holders of roe. May 31
Eastman Kodak, com.(quar.)
75e. July 2 Holders of rec. May 31
Common (extra)
Preferred (quay.)
191 July 2 Holders of rec. May 31
$s June
Essex Company
Holders of rec. May 9
Federated Capital Corp.,com.(No. 1). '3791e
Holders of rec. May 16
General Motors Corp.,common (qu.) _ *E2
June 12 *Holders of rec. May 19
Common (extra)
*31.25 July 3 *Holders of rec. May 19
7% preferred (quar.)
Aug. 1 *Holders of me. July 9
•1m Aug. 1 *Holders of rec. July 9
6% preferred (quar.)
•1% Aug. 1 *Holders of rec. July 9
6% debenture stock (quar.)
Guantanamo Sugar, pref.(guar.)
2
July 2 Holders of rec. June 150
Higbee Co., 2d pref.(guar.)
2
June 1 May 20 to June 1
Imperial 011
25e. June 1 Holders of coup. No. 141
Special
1234c. June 1 Holders of coup. No. 14k
Internat. Securities Trust,com. A (qui 55e. June 1 Holders of rec. May 15
Common B (quar.)
12He. June 1 Holders of rec. May 15
7% preferred (quar.)
134 June 1 Holders of rec. May 15
134 June 1 Holders of rec. May 15
611% preferred (quar.)
6% preferred (guar.)
1)4 June 1 Holders of rec. May 15
25e. May 15 Holders of rec. May 4
Interstate Term. Warehouse, pref.(qu.)Kuppenheimer (B.) & Co., common__ _ _ *$1
July 1 *Holders of rec. June 23
•1ti June 1 *Holders of rec. May 24
Preferred (quar.)
Libby, McNeill & Libby, pref
'334 July 2 *Holders of rec. June 16
Libby Owens Sheet Glass, corn.(qu.)_ - - *50e. June 1 *Holders of rec. May 22
Preferred (quar.)
June 1 *Holders of rec. May 22
Loew's, Inc., common (quar.)
•500. June 30 *Holders of rec. June 20
Common (pay. In common stock)_ _
I 250. June 18 Holders of roe. June 9
MAY 12 1928.]
Name of Company.
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Concluded).
Manhattan Shirt, common (quar.)
50c. June 1 Holders of rec. May 17
Marmon Motor Car, common (quar.)
*$1
June 1 *Holders of rec. May 15
McCrory Stores, corn. & corn. B (guar.). *50c. June 1 *Holders of rec. May 21
Mengel Company, pref.(guar.)
114 June 1 Holders of rec. May 18
Medart (Fred) Mfg.,corn.(guar.)
50c. May 15 Holders of rec. May 5
Metropolitan Paving Brick, corn. (qu.) _
50c. June 1 Holders of rec. May 15
Preferred (guar.)
July 1 *Holders of rec. June 15
Monarch Royalty Corp., pref.(mthly.). 14 May 10 Holders of rec. Apr. 30
Montgomery Ward & Co., Cl. A (guar.). *$1.75 July 1 *Holders of rec. June 20
Montreal Cottons, Ltd., corn. (quar.)_. 18% June 15 Holders of rec. May 31
Preferred (guar.)
June 15 Holders of rec. May 31
Munsingwear, Inc. (guar.)
75e. June 1 Holders of rec. May 17
National Baking, pref. (guar.)
June 1 *Holders of rec. May 10
National Sugar Refg.(guar.)
134 July 2 Holders of rec. June 4
Northern Pipe Line
3
July 2 Holders of rec. June 15
Occidental Petroleum (guar.)
•3c. June 30 *Holders of rec. June 30
Ohio 011 (guar.)
*50c. June 15 *Holders of rec. May 15
Packard Motor Co (monthly)
825c. June 30 *Holders of rec. June 15
Monthly
'
325c. July 31 *Holders of rec. July 14
Monthly
*25c. Aug. 31 *Holders of rec. Aug. 15
Penn-Mex. Fuel
411.25 May 31 *Holders of rec. May 19
Sanitary Grocery, corn. (guar.)
*$2
June 15 *Holders of rec. June 5
Preferred (guar.)
• 1.628% June 1 *Holders of rec. May 17
Scotten-Dillon Co.(guar.)
•30c. May 15 *Holders
Shippers' Car Line Corp. pref. (guar.)._ $1.75 May 31 Holders of rec. May 8
of rec. May 18
Standard 011 (Indiana) (guar.)
*62 Hc June 15 *Holders of rec. May 16
Extra
•25c. June 15 *Holders of rec. May 16
Standard 011 (Nebraska) (quar.)
62c. June 20 May 27 to June 20
Standard Sanitary Mfg., pref. (guar.) _ _ *1% May 20 *Holders
of rec. May 4
Sun 011, corn. (guar.)
•25c. June 15 *Holders of rec. May 25
Taber Mill-Dlvidend deferred.
Tennessee Copper & Chem. (quar.)_ _ _ 128%c. June 15
Holders of rec. May 31a
Texas Corp. (guar.)
•75c. July 1 *Holders of rec. June 1
Timken-Detroit Axle, pref. (quar.)__
134 June 1 May 20 to
May 31
Twenth Street Store, Cor.(guar.)
•25c. May 15 *Holders of rec. May 15
Underwood-Elliott Fisher, corn. (quar.)_ *51
June 30 *Holders of rec. June 15
Preferred (guar.)
*11.75 June 30 *Holders of rec. June 15
Preferred B (guar.)
.51.75 June 30 *Holders of rec. June 15
United Fruit (guar.)
•$1
July 2 *Holders of rec. June 2
U. S. Dairy Products, corn. A (guar.)._ $1
May 31 Holders of rec. May 160
First preferred (guar.)
$1.75 June 1 Holders of rec. May 16a
Second preferred (guar.)
$1.75 June 1 Holders of rec. May 16a
U. S. Gypsum, corn. (guar.)
*40c. June 30 *Holders of rec. June 15
Preferred (guar.)
June 30 *Holders of rec. June 15
U.S. Playing Card (guar.)
*51
July 2 *Holders of rec. June 20
U.S. Printing & Lithograph (quar.)
*18% July 2 *Holders of rec. June 20
U.S. Realty & Impt.(guar.)
$1
June 15 Holders of rec. May 25
Valvoline Oil, corn. (guar.)
18% June 15 Holders of rec. June 11
Wabasco Cotton Co. (quar.)
$1
July 3 Holders of rec. June 15
Bonus
50c. July 3 Holders of rec. June 15
Ward Baking,corn. A (guar.)
$2
July 2 holders of rec. June 15
Preferred (quar.)
14 July 2 Holders of rec. June 15
Welch Grape Juice, corn. (guar.)
25c. May 31 Holders of rec. May 21
Preferred (guar.)
May 31 Holders of rec. May 21
Western Dairy Products, Cl. A (guar.)._ *$1
June 1 *Holders of rec. May 11
White(J. G.) Mag'n't Corp., pref.(qu.) _ '
13 June 1 Holders of rec. May 15
White Motor, corn. (guar.)
•25c. June 30 *Holders of rec. June 15
Wiener Bank-Vereln Amer. trust etre._ $5.06 On dem
Holders of coupon
14
*14
14
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Name of Company.
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Railroads (Steam).
Atch. Topeka & Santa Fe, tom.(guar.).
Atlantic Coast Line RR., corn
Common (extra)
Augusta dr Savannah
Extra
Baltimore & Ohio, corn. (quar)
Preferred (quar.)
Bangor & Aroostook. tom. (guar.)
Preferred (guar.)
Canadian Pacific, tom. (guar.)
Central RR. of N. J. (guar.)
Chesapeake & Ohio, pref. "A"
Delaware & Hudson Co.(guar.)
Ga. Sou.& Fla. 1st & 2d pref
Hudson & Manhattan, common
Illinois Central, corn. (guar.)
internat. Rys. of Cant. Amer., pf(an.).
Maine Central, corn. (guar.)
Preferred (guar.)
New Orleans Texas & Mex.(guar.)... _
N. Y. Chicago & St. Louis, corn. (guar.)
Prof. series A (guar.)
Norfolk & Western. corn.(mar.)
Adjustment preferred (guar.)
Northern Securities
Pennsylvania RR.(guar.)
Reading Company. 1st pref. (guar.)...
St. Louis-San Fran., pref. (guar.)
Preferred (guar.)
Wabash. pref. A (guar.)
28% June 1
$3.50 July 10
81.50 July 10
28% July 5
July
1H June 1
1
June 1
87c. July 1
July 1
June 30
2
May 15
345 July 1
234 June 20
234 May 24
$1.25 June 1
1% June 1
14 May 15
1
July 2
134 June 1
134 June 1
134 July 2
134 July 2
2
June 19
1
May 19
48% July 10
87 He May 31
50c. June 14
134 Aug. 1
134 Nov. I
134 May 25
Holders of rec. May 40
rHolders of rec. June 15a
Holders of rec. June 15a
Holders of rec. June 150
Holners of rec. June 15a
Holders of rec. Apr. I40
Holders of rec. Apr. 140
Holders of rec. May 31
Holders of rec. May 31
Holders of rec. June la
Holders of rec. May 70
Holders of rec. June 8a
Holders of rec. May 28a
Holders of rec. May 10
Holders of roe. May 16a
Holders of rec. May 9a
Holders of rec. Apr. 30a
Holders of rec. June 15
Holders of rec. May 15
Holders of rec. May 150
Holders of rec. May 15a
Holders of rec. May 15a
Holders of rec. May 31a
Holders of rec. Apr. 300
June 23 to July 10
Holders of rec May la
Holders of rec. May 24a
Holders of rec. July 14a
Holders of rec. Oct. 15a
Apr. 22 to May 21
Public Utilities.
Amer. Water Wks.& Elec., corn.(gu.)-25c. May 15 Holders of rec. May la
Vi at. Wks.& Elec., $8 1st pf.(qLL) $1.50 July 2 Holders
of rec. June 12a
Associated Gas & Elec. $6 pref. (guar.). 131.50 June 1
Holders of rec.
$8.50 preferred (guar.)
.if 1.62H June 1 Holders of rec. Apr. 30
Apr. 30
Baton Rouge Elec. Co.. pref. A (guar.). $1.75 June 1
Holders of rec. May 15
Blackstone Valley Gas & El., pre
$3
June 1 Holders of rec. May 15a
Brazilian Tr., L. & Pow., corn. (an.)... 134 June 1
Holders of reo. Apr. 30
BrooklynEdison Co.. corn. (guar.)
June 1 Holders of rec. May Ila
Cent &s. W. Utilities, $7 pref.
(quar.).. $1.75 May 15 Holders of roe.
Apr.
Prior lien pref. (guar.)
$1.75 May 15 Holders of rec. Apr. 30a
Chic. Rapid Transit. pref. A (monthly)
65c. June 1 Holders of rec. May 30a
15a
Prior preferred B (monthly)
80c. June 1 Holders of rec. May 15a
Cities Buy.Pow.& Lt.. 56 pf.(mthly.). •50c. May 15 *Holders
of rec. May 1
7% pref. (monthly)
•58 1-3c May 15 Holders of rec. May
1
Cleveland Elec. 111., pref. (guar.)
1)4 June 1 Holders of rec. May 15a
Coast Cos. Gas &
First and second preferred (guar.).-- *31.53 June 25 *Holders
of rec. June
COlumbla Gas & Elec., corn.(quar.)_ _
51.25 May 15 Holders of rec. Apr. 14
20a
Six per cent pref.. ser. A (quar.)____
14 May 15 Holders of rec.
Apr. 20a
Coon. Ry. & Ltd., corn. & pref (qu.).... 134 May 15 May 1 to
May 15
Consolidated Gas of N.Y.. corn.(quay.) $1 25 June 15 Holders of
rec. May 8a
Consumers Power. 6% pref. (guar.)..._
144 July 2 Holders of rec. June 15
6.6% preferred (guar.)
1.65 July 2 Holders of rec. June
7% preferred (guar.)
1% July 2 Holders of rec. June 15
15
8% preferred (monthly)
5(k June 1 Holders of rec. May 15
6% preferred (monthly)
50e. July 2 Holders of rec. June 15
6.6% Preferred (monthly)
June
1 Holders of rec. May 15
55c.
8.8% preferred (monthly)
55c. July 2 Holders of rec. June 15
Eastern UM. Associates. corn. (quar.)__
50c. May 15 Holders of rec. Apr. 30
Kootenay
Power.
East
pref. (quar.)____
1,4 June 15 Holders of rec. May 31
Federal Light & Tr., corn. (guar.)
20c. July 2 Holders of rec.
Common (payable in corn. stock)._ /15c. July 2 Holders of rec. June 13a
June 13a
Preferred( guar.)
18% June 1 Holders of rec. May 15a
Federal Water Service, Cl. A (guar.)._ _ _
50c. June 1 Holders of rec. May 8
General Gas & Elec., corn. A.(guar.)._. 3714c. July 1 Holders of rec. June
12a
$8 preferred (guar.)
July 1 Holders of rec. June 12a
$2
$7 preferred class A (guar.)
$1.75 July 1 Holders of rec. June 12a
$7 preferred class B (guar.)
$1.75 July 1 Holders of rec. June 12a
Havana Electric Ry.6% pref. (guar.)._
June 1 Holders of rec. May 14a
Name of Corn pane
2925
Per
W1611
CPU. Payable.
Books Closed.
Days lachstive.
Public Utilities (Concluded).)
Havana Elec.& Util.. 1st pref. (quar.).. $1.50 May 15 Holders of rec. Apr.
20
Cumulative preference (guar.)
$1.25 May 15 Holders of rec.
20
Illuminating & Pow. Secur.. pref. (Us.) 14 May 15 Holders of rec. Apr.
Apr.
30
Jamaica Public Serv., pref. (quar.)
lit July 3 Holders of rec. June 15
Kentucky Utilities, junior pref. (guar.). •8734c May 19 *Holders of
rec. may 1
Keystone Teleph. of Phila., prof. (guar.)
June 1 Holders of rec. May
Los Angeles Gas & Elec., pref. (quar,)... •13.4 May 15 *Holders of rec. Apr. 18
30
Louisville G.& El.(Del.) corn AdcB (au.) 4354c. June 25 Holders of rec. May
3Ia
Massachusetts Gas Cos., pref
2
June 1 May 16 to May 31
Middle West Utilities, corn. (gust.).... $1.75 May 15 Holders of rec. Apr.
30
Milwaukee Elec. Ry.& Light7% pref. issue of 1921 (guar.)
134 June 1 Holders of rec. May 15
6% pref. Issue of 1921 (guar.)
134 June 1 Holders of rec. May 15
Montreal Water & Pow.. corn.(quar.)
$1
May 15 Holders of rec. Apr. 30
Preferred (quar.)
14 May 15 Holden of rec. Apr. 30
National Power & Light. corn. (guar.)._
25c. June 1 Holders of rec. May 15a
North American Co., corn. (guar.)
H July 2 Holders of rec. June 5a
Preferred (guar.)
75c. July 2 Holders of rec. June So
North American Edison, pref. (guar.).- 81.50 June 1 Holders of rec. May 150
North Amer. Util. Sec.. let pref.(qu.).. 81.50 June 15 Holders of rec. May 31
2nd preferred (guar.)
$1.75 June 15 Holders of rec. May 31
Northern Ohio Pow. & L.,6% pf. (au.)_
134 July 2 Holders of rec. June 15
7% preferred (guar.)
July 2 Holders of rec. June 15
Northwest Utilities. 7% pref. (guar.)._
154 May 15 Holders of rec. Apr. 30
Ohio Edison Co.,6% pref. 'guar.)
134 June 1 Holders of rec. May 15
8.6% Preferred (guar.)
1.65 June 1 Holders of rec. May 15
7% preferred (guar.)
154 June 1 Holders of rec. May 15
5% Preferred (guar.)
June 1 Holders of rec. May 15
6% preferred (monthly)
50c. June 1 Holders of rec. May 15
6.8% prefened (monthly)
55c. June 1 Holders of rec. May 16
Pacific Gas & Elec., let pref. (quar.)... *3734c May 15 *Holders of rec. Apr. 30
Pacific Lighting, tom. (guar.)
•75c. May 15 *Holders of rec. Apr. 30
Penn-Ohio Edison Co., pr. pref.(guar.)132 June 1 Holders of rec. May 21
Pennsylvania-Ohio P. & L., $6 pf.(qu.) 31.50 Aug. 1 Holders of rec. July 20
7% pref. (quar.)
134 Aug. 1 Holders of rec. July 20
7.2% pref. (monthly)
60c. June 1 Holders of rec. May 21
7.2% pref. (monthly)
60c. July 2 Holders of rec. June 20
7.2% pref. (monthly)
60c. Aug. 1 Holders of rec. July 20
6.6% preferred (monthly)
55c. June 1 Holders of rec. May 21
6.6% pref. (monthly)
55c. July 2 Holders of rec. June 20
6.6% pref. (monthly)
Mc. Aug. 1 Holders of rec. July 20
Pennsylvania Water Serv., pref. (guar.) 51.50 May 15 Holders of rec. May 4
Phila. Suburban Water Co.. prof.(MO - 134 June 1 Holders of rec. May 124
Public Serv. Corp.6% pref.(mthly.).. 50c. May 31 Holders of rec. May 4a
Radio Corp. of Amer.. pref. A (quar.)_ 8734c. July 1 Holders of rec June 10
Southern Calif. Edison. corn. (qu.)
50c. May 15 Holders of rec. Apr. 20a
Southern Canada Power. corn.(qu.)
1
May 15 Holders of rec. Apr. TO
Southern Colo. Power. corn. A (guar.)._
50e. May 25 Holders of roe. Apr. 30
Tampa Electric Co.. corn. (guar.)
50c. May 15 Holders of rec. Apr. 25a
Tennessee Elec. Pow.. 6% let pf. (w.). 134 July 2 Holders of rec. June 15
7% first preferred (guar.)
July 2 Holders of rec. June 15
7.2% first preferred (guar.)
1.80 July 2 Holders of rec. June 15
8% first preferred (monthly)
50c. June 1 Holders of rec. May 15
6% first preferred (monthly)
50c. July 2 Holders of rec. June 15
7.2% first preferred (monthly)
60c. June 1 folders of rec. May 15
7.2% first preferred (monthly)
60c. July 2 Holders of rec. June 15
Utility Shares Corp., panic. pref. (qtr.).
30c. June 1 Holders of rec. May 16
West Penn Elec. Co., class A (quar.)_
81.75 June 30 Holders of rec. June 15a
7% preferred (guar.)
May 15 Holders of rec. Apr. 200
134 May 15 Holders of rec. Apr. 20a
6% Preferred (guar.)
West Penn. Rys.,6% pref. (quar.)
134 June 15 Holders of rec. May 25
134
134
134
14
Fire Insurance,
General Reinsurance Corp.(guar.)
$1.25 May 15 Holders of rec. Apr. 30
Miscellaneous.
Allis-Chalmers Mfg., corn. (quar.)
$1.50 May 15 Holders of tee. Apr. 24a
Amalgamated Laundries, pref. (guar.)._ 58 He. June 1 Holders of rec. May 154
American Can,common (guar.)
50c May 15 Holders of ree. Apr. 30
Amer. Chicle, corn. (guar.)
75e. July 1 Holders of rec. June 15a
Prior preferred (guar.)
$1.75 July 1 Holders of rec. June 15a
Amer. European Securities. prof. (nu.) $1.50 May 15 Holders of rec. Apr, 30
American Hardware Corp. (guar.)
51
July 1 Holders of rec. June 164
Quarterly
$1
Oct. 1 Holders of roe. Sept. 15a
Quarterly
$1
Jan 129 Holders of rec. Dec. 15a
Amer. Home Products (monthly)
25e, June 1 Holders of rec. May 140
Amer. Lindseed. pref.(guar.)
154 July 2 Holders of rec. June 201
Preferred (guar.)
154 Oct. I Holders of rec. Sept.205
Preferred (guar.)
134 Jan2'29 Holders of roe. Dec. 21a
American Manufacturing. corn. (quiz.). 1
July 1 Holders of rec. June 151
Common (guar.)
1
Oct. 1 Holders of rec. Sept. 15a
Common (guar.)
1
Dec. 31 Holders of rec. Dec. 150
Preferred (guar.)
14 July 1 Holders of tee. June lba
Preferred (guar.)
14 Oct. 1 Holders of rec. Sept. 15a
Preferred (guar.)
145 Dee. 31 Holders of rec. Dec. 15a
American Metal, corn. (guar.)
75c. June 1 Holders of rec. May 15a
7% preferred (guar.)
134 June 1 Holders of rec. May 15a
8% preferred (guar.) (No. 1)
34 June 1 Holders of roe. May 15a
Amer. Multigraph, corn, rquar.)
50c. June 1 Holders of rec. May 15
Amer. Radiator. corn. (guar.)
$1.25 June 30 Holders of rec. June lea
Preferred (guar.)
134 May IS Holders of rec. May 7a
Amer. Rolling Mill, corn.(guar.)
*51k. July 1 *Holders of rec. June 30
Common (payable in corn. stock)._ */5
July 15 *Holders of rec. June 30
6% pref. (guar.)
•134 July 1 *Holders of rec.
30
Amer. Smelt. & Refg., pref. (gust.).... 154 June 1 Holders of rec. June
May 4a
Amer. Stores. corn. (guar.)
*51k. July 2 Holders of rec. June 16
Amer. Sumatra Tob., pref. (guar.)
I% June 1 Holders of rec. May 15a
Preferred (guar.)
134 Sept. 1 Holders of rec. Aug. 15a
Amer. Tobacco, corn. dv corn. B (quar.)_ $2
June 1 Holders of rec. May 100
Anaconda Copper Mining (quar.)
750. May 21 Apr. 15 to May 16
Angle Steel Stool(guar.)
20e. July 15 Holders of roe. July 5
Quarterly
200. Oct. 15 Holders of rec. Oct. 5
Artloom Corp., pref. (guar.)
134 June I Holders of rec. May 15
Associated Dry Goods, lot pref. (guar.). 134 June 1 Holders of rec. May 120
Second preferred (guar.)
134 Alale 1 Holders of tee. May L2a
Atlantic Gulf & West I. B. S. Lines-Preferred (guar.)
760. June 30 Holders of rec. June lla
Preferred (guar.)
750. Sept. 29 Holders of rec. Sept. 100
Preferred (guar.)
750. Dec. 31 Holders of rec. Dee. Ile
Atlas Powder. common (guar.)
June 11 Holders of rec. May 31a
$1
Balaban & Katz, corn. (monthly)
25c. June 1 Holders of rec. May 21a
Common (monthly)
25e. July 1 Holders of rec. June 20a
Preferred (guar.)
154 July 1 Holders of rec. June 20a
Bamberger(L.)& Co.. prof.(guar.)--- 1% June 1 Holders of rec. May 124
Preferred(guar.)
14 Sept. 1 Holders of ree. Aug. 11,
Preferred (guar.)
14 Dee. 1 Holders of rec. Nov.10.
Bankers Capital Corp.. common
$4
July 16 Holders of rec. June 30
Preferred (guar.)
July 16 Holders of rec. June 30
$2
Preferred (guar.)
Oct. 15 Holders of rec. Oct. 1
$2
Preferred (guar.)
an15'29 Holders of rec. Dec. 31
$2
Bastlan-BleasIng Co.. pref. (guar.)
$1.75 July 1 Holders of rec. June 20a
Preferred (guar.)
51.75 Oct. I Holders of ree. Sept.200
Beacon Mfg., pref. (guar.)
581.50 May 15 *Holders of rec. May 1
Beacon Oil. pref. (guar.)
51.8714 May 15 Holders of rec. May 1
Belding-CortIcelli, Ltd.. pref. (guar.).154 June 15 Holders of rec. May 31
Bell Financial Corp.. pref
62340. May 15 Holders of rec. Apr. 23
Bethlehem Steel, 7% pref. (guar.).- 134 July 2 Holders of rec. June 20
Bloch Brothers Tobacco, corn (gust.).. 37340. May 15 May 10 to May 14
Common(nat.)
37540. Aug. 15 Aug 10
Aug. 14
to
Common (guar.)
3734e. Nov.15 Nov. 10 to Nov. 14
Preferred (guar.)
134 June 30 June 25 to June 29
Preferred (guar.)
I 34 Sept. 30 Sept. 23 to Sept. 29
Preferred (guar.)
1% Dec. 31 Dec. 28 to Dec. go
Bohack (B.C.) Co.,new no par com.(qu.) •6234e Aug. 1 *Holders of rec. July 16
Bond & Mortgage Co. (guar.)
May 15 Holders of rec. May 8
5
Borden Company. corn. (guar.)
11.50 June 1 lir biers of rec. May 15a
Boss Manufacturing, corn. (guar.)
234 May 15 Holders of rec. Apr. ae
Preferred(guar.)
134 May 15 Holders of rec. Apr. 30
Brookside Mills
May 15 Holders of rec. May 10
82
Brown Shoe, tom. (guar.)
6234e. June 1 Holders of ree. May 21a
Brunswick-Balke-Collender. Corn. (nu.).
75e. May 15 Holders of rec. May 5 a
Name of Company.
When
Per
Cent. Payable
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
June 15 Holders of rec. Apr. 23
$1
Buckeye Pipe Una (quar.)
June 15 Holders of rec. Apr. 23
51
Extra
250. July 2 Holders of rec. June ila
Bucyrus-Erie Co., com.(Czar.)
82 Mc July 2 Holders of rec. June fla
Convertible preferred (qua?.)
1% July 2 Holders of rec. June 90
7% pref. (qua?.)
May 15 Holders of ree. May la
52
Burns Bros.. common A (quar.)
750. June 11 Holders of rec. May 250
Burroughs Adding Mach. (quar.)
50c. May 15 Holders of rec. Apr. 20a
Butler Bros. (quar.)
.1,1M
May 15 "Holders of rec. May 3
Cabot Mfg. (quar.)
$1 June 15 Holders of rec. May 310
California Packing (qua?.)
Campbell. Wyant & Cannon Foundry
•50e. June 1 *Holders of reo. May 15
Co. (qua?.)
May 15 Holders of rec. Apr. 30
Canadian Converters (quar.)
June 30 Holders of rec. June 20
2
Canfield 011, com.(qua?.)
Sept.30 Holders of rec. Sept.20
2
Common (qua?.)
Dec. 31 Holders of rec. Dee. 20
2
Common (quar.)
1,' June 30 Holders of rec. June 20
Preferred (quar.)
30 Holders of rec. Sept.20
Sept.
Preferred (qua?.)
llf Dec. 31 Holders of reo. Dec. 20
Preferred (quar.)
11S May 15 Holders of rec. May 7
Casein Co. of Amer., corn. (quar.)
May 15 Holders of rec. May 7
1
Common (extra)
*55c. May 25 'Holders of rec. May 15
Caterpillar Tractor (qua?.)
1 Holders of rec. May 10
June
$1.75
Celluloid Co., let pi. partic. stk.(qu.)
$1.75 June 1 Holders of ree. May 10
$7 preferred (quar.)
'373c July 1 Holders of reo. May la
Central Investors Corp., cl. A (No. 1
"37 Mc Oct. 1 *Holders of reo. May la
Class A (guar.)
'37).(c Jan2'29 'Holders of rec. May la
Class A (quar.)
c July 1 *Holders of reo. May la
Class B (No. 1)
150. May 15 Holders of rec. May 5
Centrifugal Pipe Corp.. (quar.)
June 1 Holders of rec. May 19a
Century Ribbon Mills, pref. (quar.)
May 1 *Holders of rec. May 7
*51
Chicago Mill & Lumber (qua?.)
Holders of reo. May 18a
25e. June
Chicago Yellow Cab (monthly)
800. June 1 Holders of rec. May 250
Childs Co.. cam.(qua?.)
1M June 1 Holders of rec. May 250
Preferred (quar.)
62)4c June 3 Holders of recs. June 60
Chile Copper Co.(qua?.)
.750. June 3 *Holders of rec. June 16
Chrysler Corp.. com. (qua?.)
June 3 Holders of rec. June 160
2
Preferred (qua?.)
Sept.2 Holders of rec. Sept.170
2
Preferred (quar.)
Jan.= Holders of rec. Deo. 17a
2
Preferred (quar.)
5)4 June
'Holders of rec. May 15
Cities Service, common (monthly)
*Holders of rec. May 15
- June
Common (payable in coin. stock)_ -.*Holders of rec. May 15
Preferred and pref. B.B.(monthly). 5)4 June
'Holders of rec. May 15
*U. June
Preferred B (monthly)
Holders of reo. May 100
75c. June
City Ice & Fuel (Cleve.) (quar.)
Holders of rec. July 140
87)40. Aug.
City Stores, class A (qua?.)
Holders of reo. May 150
June
50e.
Cleveland Stone(qua?.)
Holders of rec. Aug. 15a
500. Sept.
Quarterly
•250. May 1 *Holders of roe. May 5
Club Aluminum Uten. (extra)
Holders of rec. June 120
51.50 July
Coca-Cola Co., corn. (quar.)
May 2 Holders of rec. May 100
2
Colorado Fuel & Iron, pref. (quar.)
June I 'Holders of rec. May 100
Congoleum-Nairn. Inc., pref.(quar.)
Consolidated Bond & Share pref. (quar.) 1M May 15 Holders of rec. Apr. 15
- 81.25 May 15 Holders of rec. May 5a
Continental Can, Ina., com.(quar.)
Dec. 31
e4
Crosley Radio (stock dividend)
250 July 1 Holders of rec. June 20a
Croeley Radio Corp.(quar.)
25e. Oct. 1 Holders of roe. Sept. 200
Quarterly
250 Jan 1'29 Holders of rec. Dee. 200
Quarterly
14 June 15 Holders of reo. June la
Cuneo Press, pref. (qua?.)
144 Sept. 15 Holders of rec. Sept. la
Preferred (qua?.)
*50c. June 2 *Holders of rec. May 20
Curtis Publishing, com.(monthly)
*50c. June 10 *Holders of rec. May 20
Common (extra)
June 1 *Holders of rec. May 15
*El
Cushmans Sons, com.(quar.)
"154 June 1 *Holders of rec. May 15
Seven per cent preferred (guar.)
June 1 *Holders of rec. May 15
'2
Eight per cent preferred (qua?.)
June 23 "Holders of rec. June 9
*51
Davis Mills (quar.)
500 June 15 Holders of rec. June 50
Decker (Alfred) & Cohn, com.(quar.)
15$ June 1 Holders of rec. May 19a
Preferred (quar.)
1)4 Sept. 1 Holders of reo. Aug. 20a
Preferred (guar.)
1)4 July 2 Holders of rec. June 15
Deere & Co., corn.(quar.)
15$ June 1 Holders of rec. May 15a
Preferred (quar.)
June 1 Holders of reo. May 31a
2
Diamond Match (qua?.)
*25c. June
*Holders of rec. May 18
Dictaphone Corp.. com. (guar.)
*25c. June
'Holders of rec. May 18
Common (extra)
*Holders of rec. May 18
.110 June
Cony.(payable In corn. stock)
"2
*Holders of rec. May 18
June
Preferred (quar.)
Holders of rec. Apr. 30
8.5c. May 1
Dominion Bridge (quar.)
$1.50 May 1 Holders of rec. May 1
Dow Chemical, corn. (quar.)
/10 May 1 Holders of rec. May 1
Common (payable In corn. stock)
15$ May 1 Holders of rec. May 1
Preferred (quar.)
*Holders of rec. May 15
June
*El
Drug, Inc.(No. 11)
Holders of rec. June 30
1M Aug.
Eastern Bankers Corp., pref. (guar.)._ _
Holders of rec. Sept. 30
1M Nov.
Preferred (qua?.)
1)4 Febl'2 Holders of rec. Dec. 31
Preferred (qua?)
Holders of rec. Apr. 30
506. June
East. Theatres,Ltd.(Toronto),com.(qu.)
May 3 *Holders of rec. May 18
Eltingon Schild Co., Inc., com.(qua?.) *62
50c. June 2 Holders of rec. June la
Emporium-Capwell Corp.(qua?.)
75c. June 3 Holdru of rec. June 120
Fairbanks, Morse & Co., corn. (quar.)
Holders of rec. May 120
1)4 June
Preferred (guar.)
Holders of rec. May 210
200. June
Fair (The). com.(monthly)
20c.
Holders of rec. June 20a
July
Common (monthly)
25c. July
Fanny Farmer Candy Shops. com. (qu.)
250. July
Common (qua?.)
250 Oct.
Common (quar.)
250. Jan 1'2
Common (qua?.)
50c. May 3 Holders of rec. May 17a
Fashion Park,Inc.,cum•((Juan)
500 Aug. 3 Holders of rec. Aug. 170
Common (qua?.)
500. Nov.3 Holders of rec. Nov. 300
Common (quar.)
Holders of rec. June 180
200. July
Federal Motor Truck (qua?.)
Holders of rec. June 180
2M July
Stock dividend
Holders of rec. May 15
June
4
Financial Service Co., corn
Holders of rec. May 15
1M June
Preferred (guar.)
Holders of rec. May la
1
May
(qu.).
1)4
prof.
7%
Rubber.
Firestone Tire &
S1.75 May 1 Holders of rec. May 1
First Federal Foreign Invest Trust
Holders of rec. June 13a
July
2
pf.
lot
Pictures,
National
First
Holders of rec. July la
1M July
Second preferred A (quar.)
Holders of rec. May 150
1M June
Fisk Rubber. 2d pref.(quar.)
of rec. May 21
'Holders
June
*50c.
&
Dredge
Connell
Fitzsimmons &
Holders of rec. June 150
July
250.
Formica Insulation (guar.)
Holders of rec. June 15a
July
10c.
Extra
Holders of rec. Sept. 150
250. Oct.
Quarterly
Holdem of rec. Sept. 150
10c. Oct.
Extra
Jan.1'2 Holders of rec. Dee. 15a
250.
Quarterly
Holders of rec. Dec. 150
100. Jan.1'2
Extra
*25c. May 1 'Holders of rec. May 1
Foster & Klelser Co.. corn. (qua?.)
of rec. May I80
Holders
June
1M
General Asphalt, Pref. (quar.)
Holders of rec. May 100
$1 .88 2-3 June
General Cable Corp., class A
rec. May 210
of
Holders
June
154
General Cigar, pref., (guar.)
Holders of rec. May 50
$1 May 1
Gen. Outdoor Advertising, cl. A (qu.).. •1%
*Holders of rec. May 5
1
May
Preferred (quar.)
Holders of rec. May la
51.25 June
Gillette Safety Razor (qua?.)
Gladding, McBean & Co.
May 20 to May 31
25c. June
Monthly
June 21 to June 30
25c. July
Monthly
July 21 to July 31
25c. Aug.
Monthly
Aug. 21 to Aug. 31
250. Sept.
Monthly
Sept. 21 to Sept. 30
250. Oct.
Monthly
Oct. 21 to Oct. 31
25c. Nov.
Monthly
Nov. 21 to Nov. 30
250. Dec.
Monthly
*Holders of rec. June 15
•1M July
Glidden Co.. pref. (quar.)
of rec. June 27
'Holders
July
11.50
1
Globe Grain & Milling, com. (quar.)
*Holders of rec. June 27
*$1.75 July
First preferred (quar.)
of rec. June 27
*Holders
July
.$2
Second preferred (qua?.)
Holders of rec. May 100
June
51
Goodrich (B F) Co.. com.(quar.)
Holders of rec. June 80
July
154
preferred (guar-)
Holders of rec. May 15
June
Gorham Mfg., let pref. (quar.)
Holders of rec. May 210
Goesard (H. W.) Co.. corn.(monthly) 33 1-3c June
Holders of reo. June 200
July
1-3c
33
Common (monthly)
Holders of rec. Anr. 180
May
1
154
Craton & Knight Co., Pf. (au.)(No. 1)_
*Holders of rec. May 14
June
•750
(qu.)
com.
Tea,
Pacific
Gt. Atlantic &
'Holders of rec. May 14
June
Preferred (qua?.)
May 1 Holders of rec. May 7
Great Lakes Dredge & Dock (Qua?.)
- 2
[VOL. 126.
FINANCIAL CHRONICLE
2926
Name cot Company.
When
Per
Cent. Poyablv.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
Greenfield Tap dc DM,6% prof.(qua?.). lyi July 2 Holders of reo. June 15
July 2 Holders of rec. June 15
2
Eight per cent pref.(qua?.)
*50c. June 1 *Holders of rec. May 18
Omen Watch, com.(quar.)
'500. Sept. 1 "Holders of rec. Aug. 20
Common (quarterly)
•500. Dec. 1 *Holders of rec. Nov. 19
Common (quarterly)
•50c. Marl'29 Holders of rec. Feb. 15'29
Common (quarterly)
Hamilton Watch, pref. (quar.) (No. 1)_
•25e. May 15 *Holders of rec. Apr. 30
HammermillPaper,corn.(quar.)
HarbIson-Walker Refr., corn. (qua?.)... 13.4 June 1 Holders of rec. May 21a
134 July 20 Holders of rec. July 10
Preferred (quar.)
Hartford Times, Inc., panic. pref. (qu.) "75c. May 15 *Holders of rec. May 10
.500. June 1 *Holders of rec. May 17
Hartman Corp., class A (guar.)
*50c. June 1 "Holders of rec. May 17
Class B (Qua?.)
‘02
May 31 'Holders of rec. May 15
Hart. Schaffner & Marx (guar.)
250. May 24 Holders of rec. May 40
Hazeltine Corp.(quar.)
15c. June 15 Holders of rec. May 150
Hecla Mining (qua?.)
200. May 15 Holders of rec. May 1
Helvetia Copper
Ili May 15 Holders of rec. May 5
Hercules Powder, pref.(qua?.)
35e. May 25 Holders of rec. May 18
Hibbard. Spencer, Bartlett & Co.(mth17)
35e. June 29 Holders of rec. June 22
Monthly
50c. June 1 Holders of rec. May 19
Hobart Mfg., common (quar.)
Hollander(A)& Son,Inc., com.(quar.)_ 82340. May 15 Holders of rec. May la
10c. May 19 Holders of rec. May 2
Hollinger Cons. Gold Mines(monthly)
'134 Aug. 1 *Holders of rec. July 15
Holly Sugar, pref. (quar.)
*5334 Aug. 1 *Holders of rec. July 15
Prof. (ricer. accum. dbl.)
'371.4c May 20 *Holders of rec. May 1
Home Service. coin. (quar.)
500. May 25 Holders of rec. May 190
Homestake Mining (monthly)
Hood Rubber Products, pref. (guar.).- 1)4 June 1 May 22 to June 1
"1.)-2 May 25 "Holders of rec. May 5
Hoosac Cotton Mills, pref. (quar.)
Horn & Hardart of N.Y., pref.(qua?.). •ll$ June 1 *Holders of rec. May 12
871.40. June 1 Holders of rec. May 150
Household Products (quar.)
July 18 Holders of rec. June 290
Incorporated Investors(clock dividend). e2
May 15 Holders of rec. Apr. 20
El
Indiana Ma Line (quar.)
May 15 Holders of rec. Apr. 20
$I
Extra
1300. July 14 July 4 to July 16
IMnols Brick (qua?.)
800. Oct. 15 Oct. 4 to Oct. 15
Quarterly
*58
June 15 "May 15 to June
Illinois Pipe Line
750. June 1 Holders of rec. May 70
Ingersoll-Rand Co., corn. (Muir.)
51 June 1 Holders of rec. May 70
Common (extra)
62340 June 1 Holders of rec. May 160
Inland Steel (qua?.)
50c. May 31 Holders of rec. May 150
Inter. Combustion Eng., com.(quar.)._
I M July 1 'Holders of rec. June 15
•
(quar.)
Preferred
154 June 1 Holders of rec. May 5a
lutenist. Harvester, Prof.(qua?.)
800. May 15 Holders of rec May la
Internat. Paper, common (quar.)
500. June 1 Holders of rec. May 15a
International Shoe, pref.(monthly)_
500. July 1 Holders of rec. June 150
(Monthly)
50c. Aug. 1 Holders of rec. July 140
(Monthly)
500. Sept. 1 Holders of rec. Aug. 15a
(Monthly)
500. Oct. 1 Holders of rec. Sept. 15a
(Monthly)
50c. Nov. 1 Holders of rec. Oct. 15a
(Monthly)
50c. Dec. 1 Holders of rec. Nov. Ma
(Monthly)
1M June 1 Holders of rec. May I5a
International Silver, com.(qua?.)
81 July 18 Holders of reo. July 6a
Interstate Iron & Steel, com.(quar.)..._
$1 Oct. IS Holders of rec. Oct. 5a
Common (qua?.)
Jan15'29 Holders of rec. Jan.5'29a
$1
Common (quar.)
154 June 1 Holders of reo. May 19a
Preferred (quar.)
May 15 Holders of reo. May la
Mc.
(quar.)
corn.
Corp.,
Intertype
82 Mc June 1 Holders of rec. May 18a
Jaeger Machine, Corn. (qua?.)
51 July 15 Holders of rec. July 30
Jewel Tea, corn. (quar.)
154 July I Holders of rec. June 14a
Preferred (guar.)
Jones & Laughlin Steel, corn.(qua?.)-. •1M June 1 'Holders of reo. May 15
•750. May 21 'Holders of rec. May 5
Joske Bros. (quar.)
12!4c. July I Holders of rec. June 204
Kaynee Co., common (extra)
Keystone Steel & Wire, new corn.(qua?.) *750. July 15 *Holders of rec. July 5
June 1 Holders of rec. May 210
2
Kinney (G. R.) Co., pref. (qua?.)
15$ June 10 Holders of reo. May 81
Kirby Lumber, com. (quar.)
lq Sept. 10 Holders of reo. Aug. 31
Common (quar.)
1M Dec. 10 Holders of rec. Nov.30
Common (quar.)
25e. June 1 Smolders of rec. May 100
Kroger Grocery & Baking, corn.(quer.)
31 Sf ct. May 15 Holders of rec. May 5a
Kruskal & Kruskal. Inc. (quar.)
*75e. June 30 *Holders of rec. June 21
Landers, Frary & Clark (mtillY.)
*750. Sept. 30 *Holders of rem Sept. 21
Monthly
•750. Dec. 31 "Holders of rec. Dee. 22
Monthly
Land Title Bldg. Corp.(Phila.)(No. 2.) Erli June 30 Holders of roe. June 11
May 31 'Holders of rec. May 21
Langton Monotype Machine (quar.).May 31 Holders of rec. Apr. 30
$1
Lehigh Coal & Nay.(quar.)
75e. June 1 Holders of rec. May 150
Lehn & Fink Products. com. (quar.)_._
734c. June 1 Holders of rec. May 15
Management stock
Liggett & Myers Tobacco CoJune 1 Holders of rec. May 15a
El
Common and common B (quar.)
June 1 Holders of rec. May 15
Lima Locomotive Works, corn.(guar.).- $1
31.82M May 15 Holders of roe. Apr. 280
Loew's, Inc., pref. (quar.)
1 Holders of rec. May I7a
June
lys
(guar.)
pref.
Lord & Taylor, let
Louisiana Oil Reg., M% of. (qu.)_-. 1M May 15 Holders of rec. May 1ff
$2.50 June 1 Holders of rec. May 5
Ludlow Mfg. Associates (qua?.)
$1.25 May 15 Holders of rec. Apr. 284
Macy (11. H.) Co. (guar.)
IM May 15 Holders of rec. Apr. 28
Massey-Harris Co.. Ltd., pref. (qu.)
June 1 Holders of rec. May 15a
51
May Dept. Stores, com. (qua?.)
Sept. 1 Holders of rec. Aug. 150
51
Common (quar.)
25c. June 1 Holders of rec. May la
McIntyre Porcupine Mines (quar.)
10c. Oct. 1 Holders of rec. Sept.20a
McLellan Stores, class A & B (No. 2).__
May 15 Holders of rec. Apr. 30
$1
Mercantile Stores Co.. cum.
$1.75 May 15 Holders of rec. Apr. 80
(quar.)_Pefd
(quar.)
.1234 June 1 'Holders of roc. May 3
Merrimack Mfg., com.(quar.)
37)4c. May 15 Holders of roe. May la
Miami Copper Co. (quar.)
31.75 June 1 Holders of roe. May 15a
Mid-Continent Petrol., pref. (quar.).__
Minneap-lioneywell Regulator, corn.- S1.2Sc Aug. 15 Holders of rec. Aug. 4
1M May 15 Holders of rec. May
Preferred (quar.)
Preferred (guar.)
134 Aug. 15 Holden of rec. Aug. 4
Preferred (guar.)
134 Nov. 15 Holders of rec. Nov. 3
June 1 Holders of rec. Apr. 30
El
Mohawk Mining (qua?.)
May 15 Holden' of rec. May 40
Montgomery Ward & Co., corn (quao.i. $1
25c July iii Holders of rec. July 2a
Morris (Philip) & Co.. Ltd.. Inc. (qu.).
25e Oct. 15 Holders of reo. Oct. la
Quarterly
25c.Ja 0.1821Moil of rm. Jan 2 '29a
Quarterly
"IM May 15 'Holders of rec. Apr. 28
Morse Twist Drill (quar.)
250. June 1 Holders of rec. May 22
Murphy (0.0.) Co.(qua?.)
25e. Sept. 1 Holders of rec. Aug. 22
Quarterly
250. Deo, 1 Holders of reo. Nov. 21
Quarterly
50c. Aug. 1 Holders of reo. July 180
National American Co., be.(quar.)_ _
50c Nov. 1 Holders of rec. Oct. 1 5a
Quarterly
National Hellas Hess Co.. Prof. (quar.)- 1M June 1 Holders of rec. May 21a
$1.50 July 14 Holders of rec. June 290
National Biscuit, com. (quar.)
134 May 31 Holders of reo. May 17a
Preferred (guar.)
lys May 15 Holders of rec. Apr. 30
National Brick, pref. (qua?.)
$1.50 May 15 Holders of rec. May 20
National Casket, com
13( June 30 Holders of rec. June 15a
Prof. (quar.)
829.4c. May 15 Holders of rec. May 40
Nat Food Products, class A (quar.)
134 June 15 Holders of reo. June la
National Lead, pref. A (qua?.)
ly$ May 15 Holders of rec. May 1
National Refining. corn.(qua?.)
May 15 Holders of reo. May 5a
$1
National Supply. corn. (guar.)
•37 June 15
Nat int111i Transit
May 15 'Holders of rec. May 3
"52
Nelld Mfg.. corn. (qua?.)
July 2 Holders of rec. June 191
Nelson (Herman) Corp.. stock dividend. Cl
ci
Oct. 1 Holders of rec. Sept.18a
Stock dividend
$1.75 June 1 Holders of rec. May 15a
Newberry (J. J.) Co., pref. (qua?.)
50c May 21 Holders of reo May 40
Now Cornelia Copper (qua?)
50c. May 15 Holders of rec. May 1
Nineteen Hundred Washer (quar.)
50e. June 1 Holders of rec. May 28
No. Atlantic Oyster Farms, A (guar.).150. June 1 Holders of rec. May 10
North Central Texas 011 (qua?.)
50c. May 15 May I to May 14
Ohio Seamless Tube (qua?.)
373.tc. May 15 Holders of roe. May 3
Ontario Steel Prod.. com. (qua?.)
II( May 15 Holders of rec. May 3
Preferred (quar.)
May 15 Holders of roe. Apr. 27a
$I
Oppenhelm, Collins & Co.(quar.)
1M July 16 Holders of rec. June 300
Otis Elevator, pref. (quar.)
1)4 Oct. 16 Holders of rec. Sept. 290
Preferred (qua?.)
750. July I Holders of rec. June 150
Owens Bottle, cam. (qua?.)
ME July 1 Holders of rec. June 150
Preferred (quar.)
25o. May 31 Holder of roe Ms) 150
Packard Motor Car Co.(monthly)
Pender(D.) Grocery Co.. pref. A (qua?.) 8714e. June 1 Holders of rec. May 19
May 15 Holders of rec. May 5
$1
Penmank Limited. corn .(qua?.)
MAY 12 1928.]
Name of ComPantl•
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
Books Closed
Days Inclusive
2927
• From unofficial sources. t The New York Stock Exchange
has ruled that stock
will not be quoted ex-dividend on this date and not until
further notice. I The
New York Curb Market Association has ruled that stock
will
not be quoted exdividend on this date and not until further notice.
a Transfer books not closed for this dividend. .1 Payable
In
preferred stock.
Correction. e Payable in stock. f Payable in common
stock. 0 Payable In
scrip. h On account of accumulated dividends.
Less Ile, per share for corporation income tax.
k Payable also to registered holders same date, transfer
book being closed from
May 16 to May 31, both inclusive.
I Associated Gas & Electric dividends payable Maier In
as follows: on class A stock at rate of 1-40 share, on 26 pref. 3cash or class A stock
33-100s
stock: on $6.50 pref. 3 61-100ths share class A stock; on original shares class A
pref. at ate of
2.22-100ths share; on $7 pref., 3.89-100ths share.
m Payable either in cash or class A stock, at rate of one-fiftle
th of a share for each
share held.
Miscellaneous (Concluded).
Perfection Stove (monthly)
374c May 31 Holders of rec. May 190
Monthly
373.4c June 30 Holders of rec. June 20a
Monthly
374e July 31 Holders of rec. July 20a
Monthly
374c Aug. 31 Holders of rec. Aug 20a
Monthly
374c Sept. 30 Holders of rec. Sept. 20a
Monthly
374c Oct. 31 Holders of rec. Oct. 200
Monthly
37 4c Nov. 30 Holders of rec. Nov. 200
Monthly
373.4e Dec. 31 Holders of rec. Dee. 20a
Phillips-Jones Corp., corn.(guar.)
75c. June 1 Holders of rec. May 19a
Phoenix Hosiery, 1st pref.(quar.)
1.3.1 June 1 Holders of rec. May I70
Pick (Albert). Barth & Co.. Part. Pf.(qu) 4314e .May lb Holders of rec. Apr.
25
Pillsbury Flour Mills, corn.(guar.)
40c. June 1 Holders of rec. Mayd15a
634% preferred (guar.)
14 June I Holders of rec. Mayd15a
Pines-Winterfront, Cl. A & B.(guar.) _ •75c. June 1 'Holders
of rec. May 15
U Shulte Retail Stores declared 2% In stock, payable
Pittsburgh Steel, pref. (quar.)
14 June 1 Holders of rec. May 12a
46% quarterly.
Pressed Steel Car, pref. (guar.)
14 June 30 Holders of rec. June la
Procter & Gamble Co., corn.(quar.)
*2
May 15 *Holders of rec. Apr. 25
Pro-phy-lac-tic Brush, corn. (extra) _ _ _ _
50c. May 16 Holders of rec. May 50
Weekly Return of New York City Clearing House.
Preferred (guar.)
14 June 15 Holders of rec. May 31
Prudence Co., Inc., pref.(guar.)
134 Jan15'29 Holders of rec. Dee. 31. Beginning with Mar. 31, the New York City
Clearing House
Pullman.
guar.)
$1
May 15 Holders of rec. Apr. 280 Association discont
inued giving out all statements previously
Pullman Co.
Inc..(guar.)
14 May 15 Holders of rec. Apr 30a
Pure Oil, corn. (guar.)
issued and now makes only the barest kind of a report.
124c. June 1 May 11 to June 5
Purity Bakeries, new corn. (qu.).(N0.1)
The
75c June
Holders of rec. May 15
new return shows nothing but the deposits, along with
$6 pt. (qu.) (from Apr.12 to June 1)_d 82.2e. June 1 Holders
1
of rec. May 15
Quaker Oats. pref. (guar.)
14 May 31 Holders of rec. May 10 the capital and surplus. We give it below in full:
Quissett 5.1111 (guar.)
.2
May 15 'Holders of rec. May 5
Republic Iron dr Steel, corn. (quar.)__.... 1
June 1 Holders of roe. May 150 STATEMENT OF THE MEMBERS OF THE NEW YORK CLEARI
Preferred (guar.)
NG HOUSE
144 July 2 Holders of rec. June 150
ASSOCIATION FOR THE WEEK ENDING SATURDAY.
River Raisin Paper (guar.)
MAY 5 1928.
20o May
Holders of rec. May 1
Rosy Theatres Corp. cl. A (qu.)(No. I)_ 875,5e. June 15
Holders
1
rec.
of
May
15
St. Joseph Lead (guar.)
50c June 20 June 1
to June 20
'Surplus et Net Demand
Extra
Time
25c June 20 June 1
to June 20
Clearing House
"Capital.
Undivided
Quarterly
Deposits
Deposits
50 Sept.20 Sept.
to Sept. 20
Members,
Profits.
Extra
Average.
Average.
25e Sept.20 Sept.
to Sept. 20
Quarterly
500 Dee. 20 Dec.
to Dec. 20
$
s
Extra
$
$
25c Dec. 2 Dec.
Bank of N.Y. dr Trust Co____
to Des. 20
6,000,000 12,864,800
Savage Arms, corn. (guar.)
65,326,000
9,034,000
$1 June
Holders of rec. May 150 Bank of the Manhattan Co.... 12.500,000 19.258,700
First preferred (guar.)
145,967,000
30,674,00
0
'114 July
'Holders of rec. June 15
Bank
of
America
Nat.
Assoc_ "25,000,000 *37,000,000 148,787,000
Second preferred (guar.)
•13.‘ Aug. I "Holders of
36,686,000
National City Bank
rec. Aug. 1
75,000,000 70,380,500 a910.705.000 167,131,000
Second preference (guar.)
.134 May 15 'Holders of
Chemical
rec.
National
May
1
Bank
5,000,000
19,083,500 132,072,000
Schulte Retail Stores, corn
5,744,000
u4 June 1 *Holders of rec. May 15
National Bank of Commerce_ 25,000,000 45,596,000
Saaulte Retail Stores, corn.(guar.)
00
49,236,000
873.4c June I Holders ot rec. May 150 Chat.Phenlx Nat.13k.&Tr.Co. 13,500.000 14.718,000 334,649,0
Common (guar.)
173,246,000
45,358,000
873.40Sept. 1 Holders of rec. Aug. 15a Hanover National Bank
5,000,000 26,440,500 130,084,000
Common (qua?.)
2,998,000
8714 Dec. 1 Holders of rec. Nov. 150 Corn Exchange Bank
11,000,000 17,667,500 183,208,000
Sheffield Steel (payable in stock) 30,532,000
e33 1-3 July 1 'Holders of rec. June 15
National Park Bank
10,000,000 25,257,600 126,591,000
Sherwin-Willlams Co., corn. (quar.)--- 12.812,00
0
75c. May 15 Holders of rec. Apr. 30
First
National
Bank
10,000,000 84,391,300 255,616,000
Common (extra)
15,046.000
12)4c May 15 Holders of rec. Apr. 30
Amer. Exchange Irving Tr.Co 32,000,000 31,866,20
Preferred (quar.)
0 411,698,000
59,313,000
144 June 1 Holders of rec. May 15
Continent
al
Bank
1,000.000 1,368,800
Simmons Company (guar.)
7,330,000
600,000
75c. July 2 Holders of rec. June 140 Chase National Bank
50,000,000 57,470,000 6612,286,000
Simon (Franklin) Co., pref. (guar.)- - - 54,030,000
13( June 1 Holders of rec. May 18a Fifth Avenue Bank
500,000 3,369,000
Simon (II.) & Sons, Ltd. (Montreal)- - 26,367,000
1,484,000
Garfield
National
Bank
1,000.000 1,931,900
Pf.(qu.),(No.!)from Mar.19 to June 1 $1.41 June
16,874,000
363,000
1 Holders of rec. May 15
Seaboard National Bank
9,000,000 14,081,600 132,854,000
Sinclair Consol. 011. pref. (guar.)
6,789,000
2
May 15 Holders of rec. May la State Bank & Trust Co
5,000,000 6,378,800
Skelly 011 (quar.)
37,561,000
61,233,000
50c. June 15 Holders of rec. May 15a Bankers Trust Co
20,000,000 42,591,000 c365,411.000
Smith (A.0.) Corp., corn.(quar.)
50,558,000
•30c. May 15 'Holders of rec. May 1
U. S. Mtge. & Trust Co
5,000.000 6,015.400
Preferred (guar.)
58,220.000
4,300,000
14( May 15 Holders of rec May 1
Title Guarantee & Trust Co
10,000,000 21,767,200
Soule Mills (guar.)
41,490,00
0
1,995,000
'2
May 15 'Holders of rec. May 14
Guaranty Trust Co
30,000,000 37,468,300 d543,212,000
Southern Grocery Stores, corn.(guar.)._ "12)4c June
88,833.000
*Holders of rec. May 15
1
Fidelity
Trust
Co
4,000,000
Class A (guar.)
3,636,800
44.328,000
5,207,000
"6255c June 1 'Holders of rec. May 15
Lawyers
Trust Co
3,000,000 3.757,000
Spalding (A. G.)& Bros., gen.stk. (qu.) $1.25 July
20,800,000
4,015,000
16 Holders of rec. July 3
New York Trust Co
10,000,000 23,775,200 156,232,000
First preferred (guar.)
14 June I Holders of rec. May 18a Farmers Loan Jo Trust Co
36,035.000
10,000,000 21,728.300 e123,207,000
Second preferred (guar.)
2
June 1 Holders of rec. May 18
20,431,000
Equitable Trust Co
30,000,000 25,574,100 1339,769,000
Spear & Co., (1st dr 2d pref. (guar.) _ _ _ _ •1
June 1 *Holders of rec. May 15
39,681,000
Colonial Bank
1,400,000 3,633,800
Standard Internat. See., pref. (quer.). _
29,134,000
750. June I May 16 to May 31
6,850,000
Standard Investing Corp., pref
•2 1.37;5 May 15 'Holders of rec. Apr. 26
Clearing Non-Members.
Standard 011 (Calif.), corn. (qua?,)
June 15 Holders of rec. May 15a Grace National Bank
6234c
1,000,000 2,017,800
Standard 011(N Y.) (qua?.)
0.930,000
"40c June 15 "Holders of rec. May 19
3,879,000
Mechanica Tr. Co., Bayonne_
500,000
Standard Oil (Ohio). pref. (guar.)
739,700
3,623,000
14( June 1 Ilolders of rec. May 11
5,805,000
Standard Sanitary Mfg.. corn. (quar.)_.
42c. May 20 Holders of rec. May 4
Tntale
491
AflA
OM 051 590 9011 S ,CA S99 'Inn
Stewart-Warner Speedometer (quar.)__ _ $1.50 May
at& A CO nnn
15 Holders of rec. May 50
Stroock (S.) & Co., Ins.(quar.)
750 July 2 Holders of rec. June 150
*As per official reports-National. Feb. 28
Studebaker Corp.. com. (guar.)
1928; State, Mar. 2 1928; treat Com$1.25 June 1 Holders of rec. May 100 panies. Mar. 2 1928
Preferred (guar.)
134 June 1 Holders of rec. May 10a
Includes deposits in foreign branches:
Sun Oil, pref. (guar.)
14 June 1 Holders of rec. May 100 279,621,000;(e) $1,721,000; (f) 599,003,0 (a) $277,616,000; (b) 214,416,000; (c)
00.
Swan-Finch 011 Corp., prof. (quar.)
'13.4 June 1 "Holders of rec. May 10
Thatcher Mfg., pref. (quar.)_ _
•90o May 15 *Holders of rec. May 4
Thompson (John R.) Co. (mnonthlY
30c. June 1 Holders of rec. May 23a
)---Tide Water 011. pref. (qua?.)
Boston Clearing House Weekly Returns.
14 May 15 Holders of rec. Apr. I3a
Timken Roller Bearing (guar.)
-In the
$I
June 5 Holders of rec. May 18a following we furnish
Extra
a summary of all the items in the
25c. June 5 Holders of rec. May 18a
Tobacco Products. class A (guar.)
1
May 15 Holders of rec. Apr. 250 Boston Clearing House weekly statement for a
series of weeks:
Transue & Wms.Steel Forg corn.(qu.)_
250. July 10 Holders of rec. June 30a
Union Storage (quar.)
6240 Aug. 10 Holders of rec. Aug. 1
BOSTON CLEARING HOUSE MEMBER
Quarterly
S.
Nov.
623.40
10
Holders
of
rec.
Nov.
1
Union Tank Car (guar.)
$1.25 June 1 Holders of rec. May I60
United Biscuit. corn. (guar.)
May 8
Changesfrom
40c. June 1 May 19 to
May 2
May 31
April 25
United Investors Secur., B corn. (quar.)_
1928.
Previous Week
20c. May 15 Holders of rec. Apr. 30
1928.
1928.
Preferred (guar.)
75c. June 15 Holders of rec. May 31
United Piece Dye Works,64% Pf. (qu.) 14 July
C
$
2 Holders of rec. June 20a Capital
$
$
64% preferred (quar.)
83,400,000 Unchanged
14 Oat, 1 Holders of roe. Sept. 20a Surplus
83,400,000
83,400,000
and profits
% preferred (quar.)
96,607.000 Unchanged
13.4 Jan 2'29 Holders
96.607,000
96,607,000
U.S. Cast Iron Pipe & Fdy corn.(qu.). 23.4 June 16 Holders of rec. 1.)ec. 20a Loans. disets & invest'ts. 1,145,012,000 -15,042,000
1,160,054
of
rec.
.000 1,168,008,000
June la Individual depoints
Common (Qual.)
699,599,000 -28.501.000 728,100,000 723,246,0
214 Sept. 15 Holders of reo. Sept.
Due to banks
Common (qua?.)
160,110,000 -1,847,000 161,957,000 164.004,000
234 Dec. 16 Holders of roe. Dec. la
la Time deposits
00
Preferred (quar.)
293,351.000
+1,694,000 291.667,000 294,152,000
13.4 June 15 Holders of rec. June la United States
Preferred (Qum'.)
deposits.....
6,878,000 -2,765.000
13.4 Sept. 15 Holders of rec. Sept. la Exchange
9,643.000
11,145.00
0
Preferred (quar.)
s
for
35.904,000 -.5,093,000
13.4 Dec. 15 Holders of rec. Dee. la Due from otherCl'g House
41.297,000
33.857.000
U. S. Dairy Products. Cl A (ou.)(No. 1) 81
banks_
80,704,000 -9,075,000
May 31 Holders of res. May 16
89.770,000
91.364,000
Reeve
In
U.S. Hoffman Machinery (guar.)
legal
deposit's.
_
86,168,000 -2,426,000
$1 June 1 Holders of rec. May 2I0
88,614.000
88,154.000
Cash in bank
U. S. Print. & 1.1th. 50 pref. (guar.).
9,409,000
+474,000
13.4 July 1 June 21 to June 30
8,935,000
9,333.000
Res've excess in F.R lik
Second preferred (guar.)
005.000
-688.000
134 Oct.
1.503.000
Sept 21 to Sept. 30
978.000
Second preferred (guar.)
13.4 Jan 129 Dee. 22 to
Dec. 31
13.8. Steel, corn.(quar.)
13.1 June 29 Holders of roe. May 31a
Preferred (Qum.)
May 29 Holders of rec. Apr.
Philadelphia Banks.-The Philadelphia Clearing House
Vacuum Oil (quar.)
75e. June 2 Holders of rec. May 300 return
for the week ending May 5, with comparative figures
Vanadium Corp.(quar.)
750. May 16 Holders of roe. May 31
la for the
Vapor Car heatingtwo weeks preceding, is given below. Reserv
preferred (guar.)
14 June 10 Holders of reo. June
requirements for members of the Federal Reserve Systeme
Preferred (guar.)
13.4 Sept. 10 Holders of rec. Sept. la
la
Preterred (guar.)
144 Dec. 10 Holders of rec. Dec. la are 10% on demand deposits and 3% on time deposits, all
Venezuelan Petroleum (guar.)
5c. May 15 Holders of rec. Apr.
30a to be kept with the Federal Reserve Bank. "Cash in vaults"
Va.-Carolina Chemical, pr. pf. (guar.)... 14( June
Holders of rec. May 16a
Wayagamack Pulp & Paper (guar.)
is not a part of legal reserve. For trust companies not
•750. June
'Holders of rec. May 15
Wesson 011 & Snowdrift, Pref. (quar.)- 14( June
Holders of rec. May 15
members of the Federal Reserve System the reserve required
Western Grocer Co., pref
34 July
June 21 to June 30
is 10% on demand deposits and includes "Reserve with
West Kentucky Coal, pref. (guar.)
87)4e. July
lIolders of rec. June 5
Wbeatsworth, Inc.. pref. (guar.)
2
June
legal depositaries" and "Cash in vaults."
Holders of rec. May 15
bite (J. G.) & Co.. pref.(guar.)
13.4 June
Holders of rec. May 15
White (J. 0.) Engirt's, pref. (guar.).- 13.4 June
Holders of rec. May 15
Will & Bauman Candle, corn. (qua?.).,.
25c. May 15 Holders of
Week Ended May 5 1928.
Winter (Benjamin), Inc.. pref. (guar.)._ 21.25 May 15 Holders of rec. May 1
Two Ciphers (00)
April 28
April 21
Wire Wheel Corp. preferred (guar.)._ $1.75 July 1 Holders of rec. May 1
omitted.
Members of
TTlat
rec.
1928.
June
1928.
20
1928.
Preferred (guar)
21.75 Oct. I Holders of rec. Sept.
P.R.System Companies.
Total.
20
preferred (quar.)
$1.75 Jan.1'29 Holders of roe. Dec.
Wolverine Portland Cement (guar.).
Capital
15c, May 15 Holders of rec. May 26
53,800,0
9,500,0
63,300.0
63.300,0
63.300,0
Woolworth (F W.) Co.(guar.)
Surplus and profits... 168.317,0
$1.25 June 1 Holders of rec. Apr. 5
17,914,0 186,231,0 186,231,0 186.231,0
Wright Aeronautical Co. (guar.)
Loans. dIsels & invest. 1,021.562,0 103,347,0 1,124.909
60c. May 31 Holders of rec. May 26
,0 1.122,843.0 1,131 044.0
Wrigley (Wm.) Jr. Co.(monthly)
25c. June 1 Holders of rec. May 15a Exch. for Clear. House
46,624,0
1,041,0
47.665,0
42.300,047 I `5.1:1
Monthly
250. July 2 Holders of rec. June 20a Due from banks
102,509,0
487,0 102,996,0
93.994.0
ic.
20a
Monthly
250. Aug.
135,617.0
Holders of rec. July 250 Bank deposits
3.421,0 139,038,0 136.240.0 141 07,0
Individua
Yellow & Checker Cab, corn. A (mthly) 6 2-3c June
l
636.496,0
deposits.
May 26 to
..
52,828,0 689.324,0 681,564,0
May
31
Time
.
Common class A (monthly)
deposits
6 2-3c July
205,269.0
June 26 to June 30
30,179,0 235,448,0 233,062,0
Common class A (monthly)
Total deposits
6 2-3c Aug.
977,382,0
July 28 to July 31
86,428,0 1,063,810,0 1.050.866,0 230,201,0
1,070.539,0
Res, with legal depos_.
Common class A (monthly)
6 2-3c Sept.
Aug. 26 to
9,085,0
9,085,0
Aug.
8,599,0
31
10,016,0
Res. with F. R. Bank,
Common class A (monthly)
62-3e Oct.
71,518,0
Sept. 28 to Sept. 30
71,518.0
71,473,0
72.841,0
Cash In vault'
Common class A (monthly)
6 2-3c Nov.
9.030,0
Oct. 26 to
2,751,0
11,781,0
Oct. 31
12,174,0
Total res. & cash held.
12,344.0
6 2-3e Dee.
Common class A (monthly)
80,548,0
Nov. 26 to
11,836,0
92,384,0
Nov.
92.246,0
30
Reserve required
Youngstown Sheet & Tube, coin. (qu.)... $1.25 June 30 Holders of rec.
95.201,9
71,959,0
10,471,0
81,530,0
June 140 Excess reserve
81,253,0
preferred (quar.)
82,504,0
and cash
June 30 Holders of rec. June 14
In vault
yellerbach. pref. (guar.)
9,459,0
•31.50 June 1 *Holders of rec. May 15
1,265,0
10.854.0
10,993,0
13.097 0
• Cash In vault not counted as reserve for Federal
lteserve members.
14
134
2928
FINANCIAL CHRONICLE
[Vol,. 126.
Weekly Return of the Federal Reserve Board.
afternoon, May 10,and showing the condition
The following is the return issued by the Federal Reserve Board Thursday
first
table we present the results for the system
the
In
Wednesday.
on
business
of
close
the
at
of the twelve Reserve banks
and
with
those of the corresponding week last year.
weeks
preceding
seven
the
for
figures
the
with
as a whole in comparison
of
the
banks. The Federal Reserve Agents'
twelve
each
for
separately
liabilities
and
resources
The second table shows the
notes between the Comptroller and
m
Reserve
Federal
transactions
regarding
details
gives
Accounts (third table following)
comment upon the returns for the
The
Board's
Reserve
banks.
Reserve
Federal
and
latter
the
Reserve Agents and between
and
Discussions."
Events
"Current
of
department
our
in
item
first
the
being
latest week appear on page 2896,
FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS MAY 9 1928.
COMBINED RESOURCES AND LIABILITIES OF THE
Apr. 11 1928. Apr. 4 1928. Mar.281928. Mar.21 1928. May 11 1927.
May 9 1928. May 9 1928. Apr.25 1928. Ayr. 18 1928.
$
s
$
$
$
$
s
$
8
RESOURCES.
1,393,893,000 1,631,543,000
1,163,937,000 1,190,083,000 1.207,703,000 1,279,070,000 1,287,089.000 1.247,059,000 1,331,263,000
49,235,000
48.560,000
Gold with Federal Reserve agents
50,652,000
57.383,000
58.841,000
50.671.000
59,090,000
59,661,000
64,544.000
Gold redemption fund with 17. 8. Treas.
1,690,778,000
1.442.453,000
1.381,915,000
1,344.472,000
1,305,900.000
1.249,744,000 1,266,793,000 1,329,741,000
Gold held exclusively agst. F. R.notes 1,228,481,000 859,878,000 835,001,000 773.029,000 750,575.000 794,087.000 714.989,000 684.561.000 640,522,000
816,081,000
648.757,000 748.854,000
Gold settlementfund with F.R.Board
599,808,000 621,479,000 616.668.000 653,750,000 643.562.000 683,059,000
645,490,000
banks_
by
held
certificates
gold
and
Gold
3,070,154,000
2,775,771,000
2,759,963,000
2.743,529,000
2,748,797.000
2,719,438.000
2,723,273,000
2,690,052,000 2,709.430,000
Total gold reserves
170,544.000 170.060,000 164,199,000
157,847,000 159,020,000 162,551,000 165,087.000 163,864,000 164,442.000
Reserves other than gold
2.912.661,000 2,907.971,000 2.930.507,000 2.945.831.000 3,234,353,000
2,847,899,000 2,868,450.000 2,885,824,000 2.884.525,000
63,106,000
Total reserves
68.045.000
67,788,000
67.115.000
61,504,000
67.323,000
65,499,000
62.790,000
64,619.000
Ron-reeerve cash
257,083,000
285.371,000
Bills discounted:
322.034.000
391,357.000
350,602,000
391,580,000
00 462.771.000
Secured by U.S. Govt. obligations.-- 507.508,000 510,252,0
191,607.000 184,894,000
269,633,000 246,802,000 246,302,000 228,037,000 227,322,000 250,874.000 202.082,000
Other bills discounted
441,977,000
476,978,000
524.096.000
618,679.000
601,476.000
777,141,000 757.054.000 709.073.000 619.617,000
Total bills discounted
340,103,04A 332,728.000 233,051,000
365,104,000 363,101,000 365,841,000 350.756,000 361,595,000 343,636,000
BM;bought In open market
71,214,000
57.330,000
55,711.000
U.S. Government securities:
56.609,000
56,233,000
56,559,000
55,237,000
54,880,000
56,002,000
90,369,000
163,112.000 171,792.000
Bonds
101,977.000 100.886.000 107,560,000 123.124,000 151.763,000 163.947.000 166,509,000 156.139,000
92,313,000
Treasury notes
_169.644,000
163.052.000
161,003.000
119,413.000 138,536,000 141,058,000
Certificate, of indebtedness
385,832.000 385,261.000 253,896,000
277.392,000 292,302,000 304.755,000 340,636.000 378,016,000 383,232,000
1,800,000
500.000
Total U. S. Government securities
990,000
990,000
990,000
990,000
990,000
990,000
990.000
Other securities (see note)
930,724.000
1,195.467,000
1.257,021,000
1,359,280,000
1.329.334.000
1,312,049,000
1,413,447.000 1,380,659.000
59,548.000
Total bills and securities (see note)____ 1,420,627,000
660,000
569.000
570,000
570,000
Gold held abroad
570.000
570,000
570,000
570,000
570,000
656,512,000
676.071.000
Due from foreign banks (Cu note)
674,074,000
595.975.000
660.197,000
638,073,000 697,387.000 633,613,000 755.687,000
58,883.000
59,263,000
59,264,000
Uncollected items
59,375.000
59.274.000
59.378,000
59,409,000
59,421,000
59,437,000
12,743,000
9,222.000
9.826,000
Bank premises
10,396.000
10.131.000
9,452.000
9,677,000
10.122,000
9,880,000
All other resources
5,016,529,000
4.920.951.000
4.954,469,000
5.069,594.000
5,042,858.000
5.088,984,000
5,035.251.000
5,041,105,000 5.112,187,000
Total resources
LIABILITIES.
1.588,769.000 1,601.010.000 1.587.052,000 1,565,286,000 1,718,345,000
1,591,228,000 1.590,639,000 1,572,612,000 1,582,014,000
S. R. notes In actual eirculatIon
Deposits:
2.392,347,000 2.432,311,000 2,400.808,000 2,357.143.000 2.322.237.000 2,271.491,000
2.417,377,000
2,441.860,000
.,426,134,000
17,432,000
14,863.000
Member banks-reserve account
19,195.000
24,757,000
9,980.000
6,303,000
33,587,000
20,000.000
21,100,000
4,494,000
4,502.000
5,007,000
Government
7,291,000
5,310,000
5,661,000
5,377,000
6,317,000
5,708,000
32,352,000
18.102,000
Foreign banks (see note)
19.644.000
18,889,000
17,308,000
18,955,000
18,278,000
25,344,000
21.144,000
Other deposits
2.359,704,000 2,325,769,000
2,474,136,000 2,493,521,000 2,474,619,000 2,423.266.000 2.478,441,000 2,434,987,000 2,404.215,000 646.319,000 601,162,000
Total deposits
587,401,000 640,996,000 600,791,000 697.397,000 616,919.000 023,648.000 568,358,000
136.642.000 128,888,000
Deferred availability items
136,150.000
137.145.000
135,731,000
137.606,000
138.055.000 137,605,000 137,613.000,
Capital paid in
233,319,000 233.319,000 233.319.000 233,319.000 228,775,000
233,319,000 233.319.000 233.319,000 233,319.000
13,590,000
13.199.000
13,857,000
15.001.000
Surplus
14.163.000
15,382.000
16.297,000
16,107,000
16,966,000
AU other liabilities
5.112,187,000 5.035,251,000 5,088,984,000 5,069,594.000 5.042,858,000 4.920,951.000 4,954,469,000 5,016,529,000
5,041,105.000
Total liabilities
75.9%
Ratio of gold reserves to deposits and
70.7%
67.8%
69.5%
63.0%
67.9%
67.3%
66.3%
66.2%
F. R. note liabilities combined
Ratio of total reserves to deposits and
75.1%
71.6%
80.0%
73.8%
72.1%
72.0%
71.3%
70.2%
70.1%
F. R. note liabilities combined
Contingent liability on bills purchased
243.009 243.975.000 156,823,000
265,137.000 261,449,000 261,543,000 262.645.000 242.373.000 242.084.000
for foreign correspondents
5
$
$
$
$
$
$
$
$
Distribution by Maturtiths123,201,000
151,818,000
163,852,000
150,047,000
167,981,000
128,163,000
110.901,000 120,797,000
1-15 days bills bougbt in open market. 114,745,000 634.766.000
585.962.000 504,323,000 515.987.000 507.860 000 442.928,000 400,982.000 352,486,000
625,018,000
300,000
1-15 days bills 1 iseounted
435,000
3,425,000
940 000
509.000
5.790,000
4,100.000
5,077.000
5,574,000
1-15 days U. S. certif. of indebtedness_
warrants
52,939,000
1-15 days municipal
79,257.000
77,976,000
61.176,000
75,649.000
60.536,000
68.806,000
80,308,000
77,225,000
16-30 days bills bought in open market.
21,260,000
17.721.000
23,851,000
18.629.000
23.930.000
27,325.000
26.741,000
28,840.000
34,376,000
16-30 days bills discounted
16-30 days U. S. certif. of indebtedness_
16-30 days municipal warrants
43.831,000
64,963.000
57.775,000
58,788,000
58.903,000
68.287.000
83,644,000
99.557.000
31-60 days bills bought in open market. 109,830,000
34,265,000
32.557,000
40,831,000
36,347,000
32,801,000
47,999,000
50,317,000
50,603,000
46,661,000
31-60 days bills discounted
55,774,000
23.028,000
15,242,000
11,042,000
1,467.000
51-60 days U. S. certif. of indebtedness_
warrants
9,424,000
31-60 days municipal
35.457.000
31.771.000
73.968.000
54.808,000
36,713,000
82,147,000
64,146,000
55.120,000
18,764,000
61-90 days Mlle bought in open market
20,294,000
16.911.000
27.689.000
23.957,000
28.708.000
31.899,000
27,955,000
29,013.000
61-90 days bills discounted
570,000
2.000
5,820,000
1.773.000
1,692.000
61-90 days U. S. certif. of indebtedness.
3,656,000
81-90 days municipal warrants
7,057,000
3.696,000
10,447,000
5,901,000
4.919,000
5,357,000
8,189,000
8.134,000
market
open
In
15.202,000
Over 90 days bills bought
9.244,000
8,807.000
10.242.000
9.461.000
11.262,000
14,154,000
14,890,000
15,073,000
35,669,000
Over 90 days bills discounted
162,110,000 164.108,000 140,884.000
112,372,000 120,417,000 122,616.000 132.185.000
'Over 90 days certif. of indebtedness
Over 90 days municipal warrants
0
2,801,173,000 2,708,800A00 2.796,282,000 2,802.933,000 2,823,236.000 2.812.162.000 2.823.560.000 2.840.840.000 2.962.273,00
S. R notes received from Comptroller
841,125,000 847.935,000 845.835,000 845.875.000 853,334,000 853.110,000 869,300,000 875,450,000 860,978,000
F. R. notes held by F. R Agent
2,101,295,000
1,960,098,000 l.950,865.0001,949.447,000 1,957.058.000 1.969.952,000 1,959.052,000 1,954.200,000 1.965.350.000
Issued to Federal Reserve Banks
How Secured000 411.604,000
359,607.000 416,241 000 415.242.000 413.891,000 413.841.000 414.140.000 414.140.000
107.624000
140.
91.366.000
99 152.000 414.
95.943.000 100.639.000
By gold and gold certificates
99,360,000
101,516,000 106,749,000, 91,083,000
Gold redemption fund
667.093,000 701,378 000 765,869,000 777,305.000 732,280.000 817.971 000 888,387.000 1,112,315,000
707,814,000
Board.....
0
649.557,00
780,579,000
1,024,456,000
910,945,000
839,382,000
917,412,000
928.547.000
Gold fund-Federal Reserve
1,076,904,000
1,103,241,000
BY eligible loner
Min 2 1f,31 not non,170 Rag non's 17A A79 non 1 lay inn min
215.636
2
2.196.482.000
2.232.159.000
2.266.987.000
168.0(X)
267
2
_ _.
amounts due to
of Oct. 7 1925, two new items were added in order to show separately the amount of balances he d abroad and
NOTE.-Beginning with the statement
assets." previously, made up of Federal Intermediate Credit bank debentures, was changed to
addition, the caption "All other earningbills
the total of the
of
The
a
description
latter
as
securities.'
term
more
was
and
accurate
adopted
foreign correspondents. In caption
"Total
to
assets"
"Total earning
of Sections 13 and 14 of the Federal Reserve Act, which,It wasstated, are the only items included therein.
"Other securities," and the
securities acquired under the provisions
discount acceptances and
WEEKLY STATEMENT OF
THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS MAY 9 1928.
RESOURCES AND LIABILITIES OF EACH OF
Boston. New York. Phila. Cleveland, Richmond Atlanta. Chicago. St. Louts. Minneay. Kan.City.
Two ciphers (00) omitted.
Total.
Federal Reserve Bank of
$
$
$
$
$
$
3
$
a
$
$
RESOURCES.
80,136,0 176,212,0 91,330,0 151,583,0 30,990,0 99,433,0 215,829,0 33,976,0 38,920,0 42,685,0
1,163,937,0
Agents
18,516,0 10,342,0 4.225,0 2,085,0 3,646,0 5,498.0 3,933,0 2,873,0 2,682,0
Gold with Federal Reserve Tress
7.161,0
64,544,0
Gold redo fund with U.S.
194,728,0 101,672,0 155,808,0 33,075,0 103,079,0 221.327,0 37,909,0 41,793,0 45,367,0
R.notes 1,228.481,0 87,297,0 315,865,0 50,230,0 67,768,0 12,805,0 11,898,0 141,036,0 21,856,0 20,912,0 38,635,0
Gold held excl.at.F.
67,460,0
F.R.Board 816,081,0
Gold settle't fund with
645,490,0 25,243,0 405,100,0 24,846,0 38,115,0 20,422,0 10,525,0 54,330,0 12,049,0 4,977,0 6,139,0
Gold and gold certificates
261,691,0 66,302,0 125,502,0 416,693.0 74.814,0 67,682,0 90,141,0
2.690,052,0 180,000,0 915,693,0 176,748,0
33.626,0 7,256,0 13,246,0 11,450,0 15,257,0 18.999,0 13,639,0 2,914,0 6,995,0
Total gold reserves
157,847,0 14,730,0
Reserves other than gold
274,937.0 77,752,0 140,759,0 435.692,0 88.453,0 70,596,0 97,136,0
2,847.899,0 194,730,0 949,319,0 184,00430
Total reserves
21,298,0 2,238,0 3,919,0 4,914.0 4,564.0 8,857,0 3,826,0 1,320,0 2,072,0
64.619,0 5,220,0
Ffon-reservecaah
33,111,0 46,648.0 13,007.0 18,885,0 81,000.0 15,927,0 6,298,0 8,810,0
Bills discounted:
507,508,0 22,891,0 214,259,0 14,104,0 20,927.0 26,018,0 29,900,0
24.580,0 15,207,0 4,048,0 10,833,0
75,867,0
See. by U.8. Govt. obligations 269,633.0 31,698,0
discounted
Other bills
67,575,0 39.025,0 48,785,0 105,670.0 31.134,0 10,396,0 19,643,0
47,215,0
290,126,0
54,589,0
777,141,0
Total bills discounted
84,050.0 38.249,0 35,589,0 16,941,0 22,184,0 50.159.0 2,769,0 19,925,0 15.050,0
36.5,104.0 38,375,0
Bills bought in open market....
919,0 1,153,0
85,0 21,532,0 7,125,0 4.519,0 10.140,0
585,0
U. El. Government securities:
1.384,0
707,0
56,002,0
990,0 3.401,0 5,819,0 11.387,0 4.498,0 3,421,0
Bonds
14,295,0 10,073,0 28,249.0
101,977,0 2,863,0
14,651,0 9,266.0 2,762,0 2,977,0 16,132,0 5.267,0 3,996.0 7,455,0
Treasury notes
33,872,0
7,985.0
119,413,0
Oartliteates of Indebtedness.
13.013,0 21,016,0
49.501.0 23.309.0 38.934.0 4,905,0 6,463.0 43.483.0 23,779.0
11 AAR n
0,7 '20•3 n
Total 13. S. Gov't securities.
Dallas. San Fran.
$
$
17,719,0 165,124A
1,697,0 1,886,0
19,416,0 187,010,0
25,187.0 39,429,0
14,199,0 29,545,0
58,802,0 255,984,0
8.920,0 10,815,0
67,722,0 266,799,0
2,910,0 3,481,0
2,800,0 43,782,0
4,032.0 12,419,0
6,832.0 56,201,0
16,144,0 25.669,0
38,0
7,815,0
4,200,0 12,831,0
6,161,0 8,869.0
18,176,0 21.758,C
MAY 12 192/31
FINANCIAL CHRONICLE
RESOURCES (Concluded)Two Ciphers (00) omitted.
Total.
Boston.
New York.
Phila.
$
$
$
2929
Cleveland. Richmond Atlanta. Chicago. St. Louts. Minneap.
Kan.011y. Dallas. San Fran.
$
$
$
$
$
$
$
$
$
990,0
Tots, bills and securItiee
1,420,627,0 104,519,0 423,677,0 110,773,0 141,598,0 60,871,0
77,432,0
199,312,0
57,682,0
Due from foreign banks
44,274,0 55,709,0 41,152,0 103,628,0
570,0
37,0
217,0
47,0
51,0
25,0
21,0
68,0
Uncollectediterns
21,0
13,0
638,073,0 60.802,0 169,289,0 52,223,0 57,652,0 47,908,0
18,0
17,0
35,0
23,984,0 81,961,0
Sank premises
59,437,0 3.824,0
16,563,0 1,756,0 6,865,0 3,272,0 2,832,0 8,720,0 32,674,0 13,010,0 36,282,0 23,951,0 38,337,0
3,892,0 2,202,0 4,308,0 1,826,0
illotherresouroes
9,880.0
59,0
2.090,0
3,377,0
233,0 1,229,0
389,0 1,339,0
850,0
625,0
858,0
560,0
481.0 1,167,0
Total resouress
5,041,105,0 369,191,0 1,582.453,0 351,274,0 486,251,0 195,131,0 250,931,0
735,460,0 187,173,0 132,273,0 196,085,0 138,059,0
LIABILITIES.
416,824.0
F. R. notes In actual circulation 1.591,228,0 124,659,0 337,881,0
126,766,0 196,148,0 57,066,0 142,535,0 247,040,0 53.106,0
Deposits:
56.820.0 56,958,0 32,779,0 159,470,0
Member bank-reserve ace's 2,426,184,0 152,820,0 969,787,0
138,004,0 192,058,0 69,363,0 68,718,0 360,813,0
Government.
21,100.0 2,976,0
4,948,0 1,175,0 1,679,0 1,068,0 2,006,0 2,078,0 83,862,0 51,905,0 90,424,0 65,917,0 182,513,0
Foreign bank
567,0 1,069,0 1,059,0
5,708.0
986,0 1,489,0
461,0
1,297,0
584,0
639,0
313,0
258,0
854,0
Other deposits
264,0
166,0
221,0
21,144,0
215,0
436.0
79,0
11,370,0
248,0
920,0
64,0
239,0 1.297,0
287,0
213.0
686.0
94,0 5,647,0
Total deposits.
2,474.136,0 156,336,0 987,402,0 140,011,0 195,296,0 70,808,0
Deferred availability Items.587,401,0 59,415,0 147,155,0 47,705,0 54,609,0 47,613,0 71,221.0365,042.0 84.980,0 53,353,0 92.390,0 67,212,0 190,085,0
21,188,0 69,585,0
Capital paid In
138,055,0 9,878,0
42,577,0 14,106,0 14,271.0 6,254,0 5,233,0 18,128,0 32,406,0 11,015,0 32,763,0 24.734,0 39,213.0
Mrplus_
233,319,0 17,893,0
63,007,0 21,662,0 24,021.0 12,324,0 9,996,0 32,778,0 5,323,0 3,030,0 4.233,0 4,322.0 10.700,0
&II other liabilities
10,397,0 7,039,0 9,046,0 8,527,0 16.629,0
16,966,0 1,010,0
4,431,0 1,024,0 1,906,0 1.066,0
758,0 2,887,0
961,0 1,016,0
695,0
485,0
727,0
Totalltabilitles_
5.041.105.0369,191,0 1,582,453,0 351,274,0 486,251,0 195,131,0
250.931,0 735,460,0 187,173,0 132,273,0 196,085,0 138.059.0
Memoranda.
416,824.0
Reserve ratio(percent)
.._
70.1
69.3
71.6
69.0
70.2
60.8
Contingent liability on bills our
6.5.9
71.2
64.1
64.1
65.0
67.7
76.3
chased for foreign correstmod'ts 265,137,0
19,851,0
75300,0 25,144,0 27,526,0 13,499.0 11,116,0 36,790,0
V. R. notes on hand (notes reed
11,381,0 7,146,0 9,523,0 9.264,0 18,792,0
from F. R. Agent lees notes ID
simulation
368,820,0 23.013,0 123,384,0 25,964.0 24,997,0 19,003,0
27.128,0 45,569,0 10,824,0 7,127,0 8,534.0 6,359,0
46.618,0
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERA
L RESERVE AGENTS AT CLOSE OF BUSINES
S MAY 9 1925.
$
990,0
Altersecuritles.
Federal Reserve Agent atTotal.
Boston. New York. Phila. Cleveland
Two Ciphers (00) omitted$
$
$
$
$
V.It. notes reed from Comptroller 2,801,173,0
232,822,0 745,985,0 173,430,0 259,775,0
F.It. notes held by F. It. Agent.. 841,125,0
8.5.150,0 284,720,0 20,700,0 38,630,0
F. R.notes Issued to F. It. Houk 1,960.048
,0 147,672,0 461,265,0 152,730,0 221,145,0
Collateral held as security for
F. R. notes issued to F. R. Rk
Gold and gold certificates .
354,607,0 35,300.0 153,161,0
50,000,0
Gold redemption fund . ..
101,516,0 16,836,0
18,051,0 8,353,0 11,583,0
Gold fund-F. R. Board . .
707,814,0 28,000,0
5,000,0 82,977,0 90,000.0
EllgIblepaper
1,103,251,0 92,964,0 355,403,0 71,754,0
101,243,0
Totalcollateral
2.267.188,0 173,100,0 531,615,0 163,084.0 252,826.0
Richmond Atlanta. Chicago. St. Louis. Minneap. Kan.Citg.
Dallas. San Fran.
$
$
5
S
$
$
$
$
101,323,0 232,483,0 423,339,0 83,180,0 79,506,0
25,254,0 62,520,0 130,730,0 19,250,0 15.559,0 100,522,0 61,520,0 307.288,0
35,030,0 22.382,0 101,200.0
76,069,0 169,963,0 292.609,0 63,930,0 63.947,0 65,492,0
39,138,0 206.088,0
21.376,0 20,000.0
8,300,0 14,167,0
5,114,0 7,233,0 2,829,0 2,176,0 1,753.0 3,825,0 12.303,0 40,000,0
4,500,0 72,200,0213,000,0 23,500,0 23.000,0 38.860,0 4,416.0 19,347.0
1.000,0 125377.0
53,193,0 70,716.0 155,691,0 33,005,0 30,155,0 34,470,0
22,920,0 81,737,0
84,183,0 170,149,0 371,520,0 66.981.0 69,075.0 77.155,0
40.639,0 266,861.0
Weekly Return for the Member Banks of the Federal Reserve
System.
Following is the weekly statement issued by the Federa Reserv
l
e Board, giving the principal items of the resources
and liabilities of the 643 member banks from
which weekly returns are obtained. These figures are always a week behind
those for the Reserve banks themselves. Definit
ions of the different items in the statement were given in the statement
of Dec. 12 1917, published in the "Chronicle"
of Dec.29 1917, page 2523. The comment of the Reserve Board upon
for the latest week appears in our department of "Curre
the figures
nt Events and Discussions," on page 2396, immediately following which
we also give the figures of New York and Chicago reporti
ng member banksfor a week later.
PRINCIPAL RESOURCES AND LIABILITIES
OF ALL REPORTING MEMBER BANKS IN EACH
FEDERAL RESERVE DISTRICT AS AT CLOSE OF
BUSINESS MAY 2 1928 (In thousands of dollars).
Federal Reserve DistrictLoans and Investments-total
Loans and discounts-total
Secured by U.S. Gov't obliga's
Secured by stocks and bonds
All other loans and discounts
Total.
Boston. New York
Phila.
Cleveland. Richmond Atlanta. Chicago. St. Louis Minneap.
Kan.Citg. Dallas. San Fran.
$
$
$
$
$
$
$
692,124 633,558 3,268,162 723,010 375,625 678,410
445.072 1,966,990
816,876 1,453,228 517.793 506,585 2,331,166 501,471
244,035 441,786 335,773 1,334,348
• 8,244
14,591
2,864
5,085
20,466
4.402
2,503
3,598
3.496
4,548
434,645 654,514 177,528 126,430 1.013,563 204,664
67,980 128,734
86,171 376,436
373,987 784.123 337,401 375,070 1,297337 292,405
173,552 309,454 246,106 953,364
415,740 741.400 174,331 126.973 936,996 221,539
131,590 236,624 109.299 632,642
113,051 328,443
76,077
61,682 388,499
86,340
67,916 109,806
77.132 349.853
302,689 412,957
98,254
65,291 548,497 135,199
63,674 126,818
32,167 282,789
85,983 131,494
40,916
43,152 264,869
48,196
25,213
56,162
32,837 117.568
13,317
28.647
11,853
11,010
40,782
7,400
5,329
11,023
8.586
22.352
772,518 1,059,858 364,778 341,529 1,860,737
299,980 964,401 249,423 241.006 1,272,797 400,088 214,439 498.193 297,419 837,437
247,335 132,622 177,505 120.942 1,005.180
5,917
7,881
3.774
8,135
13,506
2,727
1.311
2,576
4,612
14,261
70.026
98,146
52,591
75,537
51,597
47,317 121,538
63,965 157,738
195,510 237,685 108,424 121,159 267,751
531,766 130,438
97,319 218,341 100.986 210.935
32,729
51,701
23,621
31,422
75,256
25,703
12,147
20.131
6,932
66,068
23,245
33,339
5.427
14,804
56,992
14,612
9.440
13,835
3,024
57,050
9,484
18,362
18,194
16,618
18,264
11,091
2,707
6.296
3,908
8,418
49
71
66
32
92
29
45
24
64
56
0
0
$
$
22,587,522 1,596,693 8,780,634 1,232,616 2,194,628
8
15,950,749 1,100,821 6,366,867
159,100
6,849,807
8,941,842
5,196
84,107
433,909 3,145,233
661,716 3,137,527
Investmeuta-total
6,636,773 495,872 2,413,767
U. 8. Government securities_ _
3,023,833 195.240 1,169,794
Other bonds, stocks and securities
3,612,940 300,632 1,243,973
Reserve balances with F. it Hank . 1,816,018
105,017 864,611
Cash in vault
241,209
18,513
62,397
Net demand deposits
13,945,860 974,530 6.324,334
Time deposits .
6,911,366 503,996 1,696,179
Government deposits
108,692
8,021
35,971
Due from banks.
1,235,963
58,409
171,348
Due to hanks
3,515,720 163,456 1,399,701
Borrowings from F. R. Bank-total
586,248
29,477 211,061
. Secured by U.S. Gov't obligtens
424,227
13,213 178,646
Another
162,021
16,264
32,415
Number of reporting banes....
643
36
79
5
Condition of the Federal Reserve
Bank of New York.
The following shows the condition of the
Federal Reserve Bank of New York at the close of business May 9 1928, in
comparison with the previous week and the
corresponding date last year:
ResourcesGold with Federal Reserve Agent
Gold redemp. fund with U. S. Treasury_
May 9 1928. May 2 1928. May 11
1927.
$
176,212.000 228,315,000 372,192,0
00
18,516.000
14,822,000
12,446,000
Gold held exclusively asst. F. R. notes
Gold settlement fund with F. R. Board.
Gold and gold certificates held by bank _
194,728,000
315,865,000
40.5,100,000
243,137,000
363,676,000
370,890,000
Total gold reserves
Reserves other than gold
915,693,000
33,626,000
977,703,000 1,085,315,000
32,387,000 '34,152,000
Total reserves
Non-reserve cash
Bills discountedSecured by U. S. Govt. obligations _ _
Other bills discounted
Total bills discounted
Bills bought in open market
U. S. Government securitiesBonds
Treasury notes
Certificates of indebtedness
Total U. S. Government securities_
Total bills and securities (See Note)...
384.638,000
205,743,000
494.934,000
949,319,000 1.010,090,000 1,119 467
000
21,298,000
19,688,000
15,244,000
214,259,000 200,573,000 102,073,0
00
75,867,000
48,682,000
37,308,000
290,126,000 249,255,000 139,381,0
00
84,0.50,000
84,963,000
53,126,000
1,384,000
14,245,000
33,872,000
1,434,000
14,998,000
36.459,000
8,442.000
13 012 000
17.063,000
49,501,000
52,891,000
38,517,000
Resources (Concluded)Gold held abroad
Due from foreign banks (See Note)
Uncollected Items
Bank premises
All other resources
Total resources
Malt 9 1928. May 2 1028. May 11 1921.
$
S
$
16.495,000
217,000
217.000
660,000
169.289,000 200.850,000 163,522,000
16,563.000
16,549,000
16,276,000
2,090,000
2,505,000
2,802,000
1,582,453,000 1,637,008,000 1,565,490,000
LiaMlkiesFed') Reserve notes in actual circulation_
DepositsMember bank-reserve account
Government
Foreign bank (See Note)
Other deposits
337.881,000
343.753,000
403.086,000
969,787,000
4,948,000
1.297,000
11,370,000
989,042,000
474.000
1,906.000
16,549,000
887,255.000
2.799.000
1,160,000
25,114.000
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
987,402.000 1,007.971,000
147,155,000 175.607,000
42,577.000
42,545,000
63,007,000
63,007,000
4.431,000
4,125,000
916,328.000
142.287,000
38.770.000
61.614,000
3,405,000
Total liabilities
1 582,453,600 1,637,008.000 1,565,490,000
Ratio of total reserves to deposit and
Fed'I Rea've note liabilities combined.
71.6%
74.7%
84.8%
Contingent liability on bills purchased
for foreign correspondence
75,100.000
73,712.000
44,555,000
423,677,000 387,109,000 231.024,0
00
NOTE -Beginning with the statement of Oct. 7 1925, two
new items were added in order
to show separatel the amount of balances held abroad and amounts
to foreign correspondents. In addition, the caption, "All other earning
due
assets," previously made UP of Federal yIntermedi
"Other securities," and the caption, "Total earning assets" to "Total bills
Credit Bank debentures, was changed to
and securities." The latter term was adopted ate
the discounts, acceptances and securities acquired under the provision
as a more accurate description of the total of
of Sections 13 and 14 of the Federal Reserve
therein.
Act, which, It was stated, are the only items Included
[VOL. 126.
FINANCIAL CHRONICLE
2930
New York City Banks and Trust Companies.
Vaulters' Gazette.
(All prices dollars per share.)
Wall Street, Friday Night, May 11 1928.
Railroad and Miscellaneous Stocks.-The review of the
Stock Market is guven this week on page 2917.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
Sales
for
Week.
STOCKS.
Week Ended May 11.
Range for Week.
Lowest.
Par. Shares $ per share.
Highest.
Range Since Jan. 1.
Lowest. I Highest.
$ per share. $ per share.$ per share.
Railroads100 2,300 80 May 7 83 May 10 58
Boston & Maine
100 73 May 8 78 May 7 60
Buff Koch & Pitts _ _ _100
10 105%hlay 11 105%May 11 94
100
Preferred
100 38 May 10 38 May 10 37
_100
Buff&Susquehanna
10 64%May 11 64%May 11 6234
Canada Southern_ _ _ _100
20 9555May 10 9575May 10 94
100
CarCi&O
7 106%MaY 7 10334
40106%May
100
Otis std
30 119 May 10 120 May 10 109
C C C & St L pref .....100
92%May 9 84
8
May
87
50
100
prat
Cuba RR
• 200 11%May 10 116(May 10 10
Havana Elec Ry
510 395 May 7430 May 11 345
100
Hocking Valley
Ill Cent RR secured stk
100 81%May 10 82%May 8 80
1
ctf
60 5%May 8 5%May 8 2
100
Iowa Central
Minneap & St Louis _100 10,900 4% hiay 7 5 May 9 334
140 8714 Nlay 7 871.4May 7 85
50
Morris & Essex
650190%May 7201%May 11 12575
Nash Chatt & St L _ _100
7 334
Nat Rys of Mexlstpf 100 600 7 May 10 734MaY
150 140 May 9 142 May 11 25
A00
Mex
&
Tex
New On
40 4634May 11 48 May 7 4634
Pacific Coast 1st pref 100
89,400 2%May 7 250110 7 174
Penn RR Rts
83,600 1 May 9 134May 7 I
St L & San Fran Rts
May 11 100
So Ry M &0ctfs_ _ _ _100 2,490 130%May 7 145
Feb 83
Feb 86
Mar 10534
Apr 43
Jan 69
Feb 96
Jan 10734
Mar 120
Mar 9234
Mar 13
Feb 430
May
Apr
May
Jan
Apr
Jan
Mar
Apr
May
Feb
May
Jan 8234 May
Mar 574 Mar
Feb 634 May
Mar 8774 Jail
Afar 201% May
Feb 8% Apr
Apr 14734 Apr
Jan
May 70
Apr 274 Apr
May 274 Mar
Jan 15934 Jan
Indus.&Miscellaneous
Apr 10234 Apr
2001 10234 May 9102%May 9 100
Abitibi Pow & Pap p1100
Apr11655 Apr
5201116 May 11 11634May 7 112
Amer Metal pref (6) _ 100
Apr
Jan 152
150%May 8 142
8
May
230,150
_100
_
pref
Radiator
Amer
Feb
Apr 110
104
7
May
7108
May
40108
Amer Wholesale pref _100
May
11 88% May 57
Brockway Motor Truck • 6,9001 5534May 10 57 May
May
400115%May 11 116 May 11 11534 hlay 116
Preferred
Jan
Mar 120
May 9 117
Brown Shoe pref _ _ _100 26011855MaY ielis
Jan
Jan 111
11 107
911103.4May
10734May
380
_100
pref
Steel
Alloy
Cent
52
May
May
50
10
May
52
10
May
Chickasha Cotton 011.10 1.8001 50
Apr
Apr 10
1,600 9%hlay 8 975MaY 7 9
Christie-Brown rts
Apr
Mar 150
30148 May 7148 May 7 140
100
City Investing
May
1
Jan
11
%
May
I
9
%MaY
Conley Tin Foil stamp_• 3,20
May
Mar 81
101 81 May 11 81 May 11 77
Conn Ry & Light _ _100
99%MaY 8 9834 May 1023-4 Apr
6001 99 May
Cons Cigar pf(6 %)....100
Apr
34%May 7 21% Mar 36
31'% May
Container Corp cl A2015,2
17%MaY 7 107', Mar 1934 Apr
16
May
•27,400
B
Class
1
May
May
134
7
1551MaY
Continental Can rights_ _ 46,400 1 May
Apr
May 20
17 May 9 17
100 17 May
100
Crex Capet
101 May 8 9634 Jan 1013.4 Mar
100101 May
Crown Wmtte lot pfd 100
28%May 10 634 Apr 2834 May
18,34 May
Curtiss Aero & Motor r 20,
115 May 8 1123.5 Feb11634 Mar
Cushman's Sons pfd 8%• 230 11434 May
Apr
May 60
58%May 7 56
Cutler-Hammer Mfg. _ 10 3,100 56 May
2834 May 9 2634 Apr 2834 May
220 27%MaY
De Beers Cons Mines_ __
Apr
47
May
49%
8
48%May
47%May
2,50
5_
Securities
Debenham
Mar 99% May
99%May 10 80
• 50 9074 May
Drug Inc
May
May 35
35 May 7 35
100 35 May
Dulith Super'Frac pf _100
May 6% Apr
200 4 May 11 5%May 8 4
Durham Silk Hosiery_50
May 46% Jan
100 22 40 May 11 45 May 7 40
Preferred
110 92%May 10 95 May 7 8834 Jan 10034 Feb
Eisenlohr Bros pref 10
Elec Power & Light pre
0129 May 9129 May 9 12034 Jan 12974 Apr
300
ctfs 40% paid
Feb
Apr 19
210 14 May 7 18 May 10 14
Elk Horn Coal pref _
Apr
6 May 10 6 May 10 274 Apr 9
Emers-Branting cl B _ _ _• 10
Feb
Jan 113
60112%May 10113 May 8 111
Franklin Simon pref _100
May
52
Jan
37
11
May
52
9
7001 4834May
General Gas & El cl B....•
Apr 11534 Feb
40111 May 8 11334MaY 7 105
Gen fly Signal pre _ _100
Graham Paige Mot ctfs • 2,3001 3255May 10 35 May 7 3134 May 3634 May
Apr
Jan 110
40 108 May 8 108%MaY 11 104
Gulf States St let p1.100
May
330 29 May 7 33 May 10 2634 Jan 33
Hackensack Water pt _25
Feb
28
Jan
11
2774May
10
May
2534
27
25
Preferred A
% May
% Apr
%May 8
%hlay 7
6,85
Int Cement fits
Apr
100 122 May 9122 May 9 11934 Feb 122
Johns-MansvIllepref _1
Apr
Apr
3434
10
7
3234May
2974
1,370 31 May
Jones Bros Tea etis _ _1
Mar
Keith-Albee-Orpheum *29,300 1534May 7 20%May 9 1534 May 21
Mar
99
May
11
89
7
7534
May
MaY
%
75
9,500
100
Preferred
•38,800 18% hlay 11 2034MaY 7 1574 Mar 2234 Apr
Kelvinator Corp
Apr
Feb 59
40 53 May 8 53%May 8 45
Kuppenheimer & Co.._5
Mar
5155 May 54
Lehigh Portland Cen_ _ 50 2,200 513-4May 10 52 May 7
Apr
300110 May 10 110 May 10 10834 Apr110
100
Preferred
7.100 108.55May 11 109%May 7 997', Mar 11034 Apr
Loew's preferred
May 6674 May
11 65
cKeesp'tTlnPICo_ _ _• 6,200 65 May 10 6674May
Feb
May 122
190120 May 7 120 May 7 120
Manhattan Shirt pref 100
40 108 May g 108%May 11 10534 Apr 10834 May
Milw El fly & Lt prat 100
Jan
35 May 7 3334 Jan 45
7
May
35
50
Norwalk T & R Pf- - -100
Apr 11474 May
100 300 113 May 7 1147,5May 8 112
Outlet Co prat
Jan 12534 May
60 12055May 9 12355May 10 115
_100
PacTelep&Telegpref.
Mar
80 108 May 11 110 May 71 10334 Jan 115
Penilk & Ford prat_ _ _100
Feb 1474 Jan
2001 12 May 9 12 May 9 10
Penns Coal & Coke_ _ _50
Apr 5334 Jan
May 11 38
51
10
May
45
1,800
Phillips Jones Corp - - -*
May
Apr 99
100. 96 May 10 99 May 8 85
100
Preferred
May
Feb 78
4001 7774May 9 78 May 11 6134 Mar
_100
Rels(Robt)&Colstpf.
May
195
16534
7
195
7
May
May
195
10
2
Reyn Tobac CIA
May
Apr
134
23-4
7
Southern Calif Ed fits ..34.900 2%MaY 9 2%May
393-4 May 4034 May
11
10
4051MaY
39
MaY
Si
5,000
____
Mfg
Sanitary
Stand
Mar
111
Jan
10434
8
May
110
7
hlay
40 loosi
100
The Fair pref
Feb
Feb 11
7 11 May 7 5
TJnited Dyewood _ _10
Mar 2774 Apr
19
11
May
25
11
243'4May
400
_100
United Paperboard_
May
May
1124
122
11
May
40122 May 8 124
Universal Leaf Tab pf100
US Cast Iron Pipe & Fdy
May
200268 May 10268 May 10 268 May 1268
100
certificates
11
11 may
Bank, Trust & Insurance Co. Stocks.
Bank of Commerce_ _10
Bank of Manhattan.1O
Corn Exchange Bank 100
Equit Tr Cool N Y_ _ 100
National Park Bank _ 100
330700
680685
20745
250555
230861
May
May
May
May
May
7 735 May 1 550
8750 May I 560
10 750 May 9 600
9 599 May 8 410
7 935 May 1 642
Feb 735
Feb 750
Mar 753
Jan 599
Jan 935
May
May
May
May
May
• No par value. a Shillings
New York City Realty and Surety Companies.
(Au prices dollars per share.)
Alliance Alt)
Amer Surety_1
Bond & M G.
Lawyers Mtge
Lawyers Title
& Guarantee
8g4
61
330
478
370
Ask
88
340
485
420
43,3
Bid
Mtge Bond__ 195
N Y Title &
Mortgage_ _ 710
II S Casualty_ 425
Ask
205
720
Bid
Realty Alsoe's
(Bklyn)com
let pref._
26 prat
Westchester
Title & Tr_
Ask
335 345
.
97
94)4
625
..
Banks-N.Y. Bid
1318
America
Amer Unions_ 275
Bronx Boro.... 650
Bronx Nat
9500
Bryant Park._ 225
Cent Mere Bk
& Trust Co_ 470
265
Central
728
Chase
Rights __ 60
Chath Phenix
Nat Bk & Tr 715
Chelsea Exch. 365
Chemical __ _y1010
___ 1100
Commerce__ 725
Continental*. 560
Corn Exch.... 735
Cosmopolit'n• 460
Fifth Avenue_ 2240
4650
First
750
Garfield
350
Grace
1440
Hanover
Ask
Ask Banks-N.Y.Bid
326 Harriman_ ___ 1100 1150
285 Manhattan... 740 750
925
875 National City y918
Rights - 100 102
920 935
Park
228 238
Penn Exch
480 Port Morris
675 750
275 Public
825 840
734 Seaboard
880 900
62 Seventh
280 290
990
States
725 Trade'
315
_ __
375 United Cap.
1050
Not Bk &Tr 500 520
Yorktown'_ _ _ 220
733
Brooklyn.
200 250
580 Dewey •
530 575
750 First
-.
Globe Exch. 300
310 Mechanics•_ 550 b60
4750 Municipal* __ 510 535
535 550
795 Nassau
900 100
People's
490
*State banks.
New stock.
Ex-dividend.
e Ex-stock dividend.
is Ex-rights.
Trust Cu,. Bid
New York.
Am Ex Iry Ti 568
tank of N Y
& Trust Co 840
Bankers Trust 1190
Bronx Co Tr_ 400
Central Union 1740
650
County
540
Empire
Equitable Tr_ 665
890
Farm L &
Fidelity Trust 505
565
Fulton
890
Guaranty
345
Interstate
Lawyers Trust ... _
Manufacturers 1120
Murray Hill__ 450
Mutual(Westchaster) _ _ 310
N Y Trust__ 850
Times Square_ 245
Title Gu & Tr 930
U S Mtg & Tr 620
United States 3400
Westchest'r Ti 1000
Brooklyn.
Brooklyn.....1300
togs Co_ _ _ 3100
Midwood___ _ 345
AM
574
850
1210
1780
650
575
905
520
600
905
355
140
465
860
255
945
640
3700
1100
Quotations for U. S. Treas Ctfs. of Indebtedness, &c.
Maturity.
Int.
Raze.
June 15 1928._ 33-4%
Dec. 15 1928.... 334%
:1IA T'..
Scar IS 1t9(1
Asked.
Bid.
99,.is
991531
An".
Maturity.
Int.
Rate.
99..3, Sept. 15 1930-32 374%
990st Mar. 15 1930-32 374%
OfIII..1 'flan 15 10V5-19 Ste cv
Bid.
Asked,
99"sa 99.'as
9912„1
on"... nn,, _
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.Below we furnish a daily record of the transactions in Liberty
Loan bonds and Treasury certificates on the New York
Stock Exchange. The transactions in registered bonds are
given in a footnote at the end of the tabulation.
Daily Record of U. S. Bond Prices. May 5 tray 7 May 8 May 9 May 10 May 11
101"aa 101.at
1111gb
First Liberty Loan
101.0 100"aa
33-4% bonds of 1923-47_ _ Low_
1013,, 101
Close
(First 374)
48
108
Total sales in $1,003 units._
High
I
of
Converted 4% bonds
1932-47 (First 45)_ _ _ _ Low_
Close
Total sales in $1,000 units__ _
102.,, 102
Converted 434% bonds 111th
102.t3 102
of 1932-47 (First 4%s) Low..
102.0 102
Close
1
43
Total sales in 81,000 units__
Second converted 434 %rig h
------bonds of 1932-47 (First Low.
Close
Second 434s)
Total sales in $1,000 unit.,...
High 110LI- 100.s, 100Iss
Third Liberty Loan
Low_ DAY 1003,, 100,,,
43-4% bonds of 1928
1003,, 100,3,
Close
(Third 43.4s)
151
50
Total sales in $1,000 units...
102", 102"sa
{High
Fourth Liberty Loan
102", 102",,
434% bonds of 1933-38.. Low_
1027ii 102,,ii
Close
(Fourth 43.45)
187
194
Total sales In $1,000 units. _ _
1153,, 115,1,
{High
Treasury
1150
. 115,is
Low_
43-0, 1947-52
HSI" 1156at
Close
II
3
Total sales in 31.000 hafts_ _ _
1103,, 1103,.
{High
1103n 1103,,
Low_
45. 1944-1954
110.as 1103,.
Close
5
2
Total sales in $1,000 units...
____ 1077,1
(High
____ 1073.,
Low_
334s, 1946-1956
__ 1073.,
Close
110
Total sales In $1,000 units_ _ _.__
1021,,, 102",,
{High
10212,2 102.as
Low_
355s, 1943-1947
102i,ss 102"al
Close
130
27
Total sales in $1.000 units___
100"aa 100"aa 100"aa
",,
100"ss 100"aa 100,
10033,, 1003,,, 10013,.
30
94
517
102
102
102
101"aa 101"u
101"aa 101.4i,
101..aa 101"ar
1
18
4
----
____
100.11 100.aa
,, 100'n
100,
100,,, 100,st
37
51
102..sa 102"aa
1021.,, 102",,
102iott 1020.ti
86
176
115,a,
114",,--__
114w,i
19
110
____
1093q.
....
__
110
____
10
107.n 107107
107
107
107
239
25
1023,. 10110,,
102
101"aa
102
101"as
17
161
____
100'as
100,11
100'n
7
102"as
102"1,
1022iis
86
_011110
110
---_
102 -101"aa
102
,1
Note.-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
110 1st 334s
6 3d 4%a
101
100
to 100,.., 1 5 4th 43.4s
to 100.aa I
1021.ii-to 102011
Foreign Exchange.To-day's (Friday's) actual rates for sterling exchange were 4.87 11-160
4.8774 for checks and 4.88 1-16344.88 7-32 for cables. Commercial on
banks, sight, 4.87 7-1644.87 11-16; sixty t'ays, 4.84 1-1604.843.4; ninety
days, 4.825404.82 5-16, and documents!- r payment, 4.839-16344.843.4.
Cotton for payment. 4.87, and grain to: 7 ayment. 4.87.
To-day's (Friday's) actual rates for Fs
bsiuc!ars'f•ancs were 3.93 5-164
3.93 7-16 for short. Amsterdam banks
'it.- w^re 40.31440.34 for
short.
Exchange at i'aris on London. 124.02 francs; week's range, 124.02 francs
high and 124.02 francs low.
The range for foreign exchange for the week follows:
Sterling, ActualCables.
Cheeks.
High for the week
4.88 7-32
4.87%
Low for the week
4.87 1546
4.87 9-16
Paris Bankers' FrancsHigh for the week
3.934
3.9374
Low for the week
3.93 746
3.93 3-16
Amsterdam Bankers' GuildersHigh for the week
40.3594
40.34
Low for the week
40.3374
40.30
Germany Bankers' MarksHigh for the week
23.923-4
23.92
23.92
Low for the week
23.90
The Curb Market.-The review of the Curb Market is
given this week on page 2916.
A complete record of Curb Market transactions for the
week will be found on page 2947.
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Seven Pages-Page One
For sale* during the week of stocks not recorded here,
see preceding page
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
May 5.
Monday,
May 7.
Tuesday,
May 8.
Wednesday, Thursday,
May 9.
May 10.
Friday,
May 11.
Sales
for
Ike
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1
On basis of 100-share lets
PER SHARE
Range fo Previews
Year 1927.
Lowest
Highest
Lowest
Highest
per share $ per share $ per share $ per share
per share S per share Shares
Railroads.
Par 8 per share
$ per share
per share
193 19458 1944 19512 19412 196% 19412 1954 19412
per share
21,800
1954
Atch
Topeka
Santa
&
Fe__100
Mar
8
1823
2
19718
Apr
27 16154 Jan 200 Aug
10713 1075y 10712 10712 10738 10712 10714 10734 10714
10714 2,200 Preferred
100 10212 Jan 5 10812 Apr 9
99
18812 19112 188 188
3
8
Jan
1063
4 Dee
188 188
189 190
18912 18978 4,200 Atlantic Coast Line RR_..100 167 Mar 2 19112Slay 7 17473
11638 11738 116 11838 11658 118
Apr 20512 Aug
11618 1174 11653 11714 28,200 Baltimore & Ohio
100 109 Feb 7 11978 Apr 12 10612 Jan 125
.8234 8313 827 83
Oct
8238 8212 8212 8212 *8214 8278
600 Preferred
100 80 Feb 10 85 Apr 4
734 Jan 83 June
72
725* 72
73
7134 74
73
7378 74
3,300 Bangor & Aroostook
753
50 69 Jan 5 8414 Jan 11
44
111 111
Jan 10312 Mal
11012 11012 *11314 118
11088 11088 11234 11204
Preferred
50
100 11014 Feb 20 115 Jan 10 10113 Jan 122 Junt
7112 72
69
72
694 72% 704 713
718 735 41,600 Bkin-Manh Tree • t o_No pa
533 Jan 17 7734May 3
53 Aug
94
9478 9212 94
70% Jac
9214 8212 *9234 9412 94
94
1,600 Preferred v t a
No pa
82 Jan 4 9538May 3
784 Oct 88
1978 22
2112 2534 244 2834 2613 283
Jan
268 2314 85,200 Brunswick Term & Ry Bec_100 1412 Jan 5 2834May 9
712 Oct
51
51
.51
52
*51
193* Dee
52
*51
52
*51
52
140
Buffalo
Susq
&
prof
4812May
10
2
5113
Apr
4
28
60
2141 222
Apr 58 June
220% 22334 21812 22134 21914 22078 220 221% 113,500 Canadian Pacific
100 198 Feb 7 22334May 8
r363 375
368 370
345 365 *351 363
35014 354
1,300 Central RR of New Jersey_100 297% Feb 17 375 May 7 2-85
-Jan 348 June
201 20214 19812 20114 19814 202
201 20314 20214 2038 12,300 Chesapeake & Ohio
100 18578 Feb 20 20614 Jan 6 15134 Jan 21813 Ont
1288 137
1318 1414 1318 1414
1388 1378
1318 1334 28.700 Chicago & Alton
100
553 Jan 30 1834Slay 2
4
3
4
1814 197
Jan
1858 2078 1834 20
1053 June
1878 1934 1814 1934 33,000 Preferred
100
778 Feb 20 2633May 2
46
712 Jan
464 4534 48
1853 July
4534 4612 464 4814 4718 47,8 3,600 Chic & East Illinois
RR.__ 100 37 Feb 28 4814Slay 10
3012 Jan
7512 7512 7434 751
51
July
7412 7478 7414 7534 754 76
5,200 Priforred
100 624 Feb 24 765sMay 4
1414 1512 1412 144 1418 1434
43
Jan 84% Oct
1439 1473 1418 1412 5,700 Chicago Great Weetern
100
918 Feb 8 1638May 2
813 Jan 2211 May
295* 3034 2858 29% 2818 294 2814 2988 29
29
7,700
Preferred
100 2012 Feb 20 3218May
3814 395
_
3818 3888 3718 3818 3712 38
4473 June
3718 3734 37,400 Chicago 5111w St Paul & Pacific 2214 Mar 5 401 2 Apr 2
26
4914 5034 49
9 Jan
4978 4818 4914 4814 4938 4812 4912 26,800 Preferred
1934 Dee
new
37 Mar 2 51% Apr
9218 933* 9112 9234 9118 9214 9114 93
374 Dec
9112 9238 22,300 Chicago & North Western_100 7914 Feb20 9414May 26
1
9711 dent
14813 14812 *148 150 .148 150 *148 150 *148
150
100 Preferred
100 140 Feb 15 150 May 2 12414 Jan 150
117 113
11778 119
Oct
11878 11914 119 1225* 11834 12212 10,000 Chicago Rock Is! &
Pacific_100 106 Feb 18 12258Slay 10
•110 111
684 Jan 116 July
1104 1104 11058 11058 11034 111
111 111
500 7% preferred
100 10614 Feb 9 111 Apr 27 102% Jan 11134 Dec
10312 10312 10314 10314 10383 104
10418 10414 10438
900 6% preferred
100 100 Feb 24 10138May 11
*123 125 *124 125 .125 12578 *123 125 .123 1O4's
9514 Jan 104 Nov
125
Colorado & Southern
100 106 Feb 21 126 Slay 3
*81
84
82
Jan 13734 July
80% 81
07612 79
81
81
81
81
170 First preferred
100 75 Jan 14 85 Apr 10
7613 7612 79
70
Jan 78 Dec
79
82
85
*7612 79
*77
79
20
Second
preferred
100'
724 Jan 3 85 May 9
7313 74
68
Jan 75
7438 774 745* 7618 7412 7513 7434 75
Oct
13,700
Consul
RR of Cuba pref_100 69 Apr 12 7714Slay 8
21212 215
65 Aug 77 May
21114 21312 20638 212
20714 20378 205 2077 24,400 Delaware & Hudson
100 16314 Feb 10 226 Apr 26 1714 Jan 230 June
143 144
14314 144
145 146
144 146
14514 1451
6,300
Delaware
Lack
&
Western_ 50 129 Feb 20 150 Apr 9 13018 Oct 173 Mar
65
6512 65
658 64
64% 6434 644 65
65
1.800 Deny & Rio Or West pre_ WO 5012 Feb 20 654 Apr 23
434 434
412 4%
414 Jan 674 June
412 412
412 45*
414
414
800 Duluth So Shore & AtI
314 Apr 16
100
634 Jan 6
834 9
8
253 Apr
8
Vs Dec
*7
83
*7
9
*7
9
1,000
Preferred
100
5 Feb 20
912May 2
5912 60
4 Mar 1114 Del
594 5975 585 5912 5812 6234 6238 63% 60,600
Erie
100 49% Feb 7 6612 Jan 4
5818 5812 5812 5812 575* 5838 5878 60
3912 Jan 6034 Sept
6012
595*
7,300
First
preferred
100 54 Feb 20 63% Jan 7
*5512 671_ 5714 5714 *55
8233 Jan 6614 Aug
5712 58
53
*58
59
200 Second preferred
100 5213 Feb 17 62
10412 10514 10458 10534 10434 10538 10514 10714
49
Jan 6413 Aug
1084 27,700 Great Northern preferred 100 9313 Feb 8 10714 Jan 6
101 101% 101 10112 10034 101% 101 10234 1064
Slay 10
795* Jan 10372 Sept
102
1025
8
13,600
Prof certificates
100 9118 Feb 7 10234May 10
2252 2318 2258 235* 2212 224 2258 23
8512
Mar
101 Sept
2212 23
8,500 Iron Ore Properthso_No par
5612 56's 5612 5812 5812 61
18 July 283* Sept
5914 618 5912 6018 21,000 Gulf Mobile & Northern_100 2118 Apr 13 25 Jan 24
4514 Feb 7 6178Slay 10
*1074 108 *10713 108
3518
10778 10818 10712 108
Jan
765* July
10812 10812
700 Preferred
100 10312Mar 21 109 May 1 105
65% 6734 61
6578 6134 6358 6218 64% 648 6713 28,60 ,Hudson & Manbatta
Jan 11214 Apg
u
100 51 Jan 3 7312 Apr 24
9314 9314 *92
7 May
4013
9312 *9214 93% 925* 9313 .9213 9312
Jan
65
Preferred
6001
100 83 Jan 16 9312 Apr 26
78
Jan 9013 May
14312 1434 143 1434 143 1483 14512 148
Ui Stock
145 14612 6,700 Illinois Central
100 131% Jan 11 14834May 91 12113 Jan
*140 145 *140 145 *143 150 4 14312 14312 *143
15
1395* Ott
Preferred
100 01
[Exchange *45
47
*4534 47
465* 4678 4678 4678 4512 4638 1,600 lot Rye of Cent 00 13018 Jan 13 144 Jan 27 12078 Jan 140
Oct
America_100 3613 Mar 16 4718May 2
80
82
80
80
23 Apr 424 0c4
80
80
81
82
82 82
100 697* Jan 3 82
300 Preferred
raClosed.
53
54
May 2
49
5334 5012 5278 53
62
Apr 744 Oct
54
5414 553 20,500 Interboro Rapid Tran v t 0.100 29
Jan 6 62 Slay 3
5734 5834 5712 574 57
3012 Aug 5213 Feb
5818 57
5814 .5734 5912 5,300 Kansas City Southern
100 4914 Feb 7 634 Jan 7
Extra
77
77
7612 7612 *75
4114 Jan 7012 July
76
*75
7612 *75
400 Preferred
100 70 Feb 8 77 Apr 20
10273 10314 102 10414 1047s 10712 107% 10912 10714 7612
647g Jan 7312 Dec
109%
24,300
Lehigh
Valley
Holiday. 15314 154
50 844 Feb 20 116 Apr 26
15312 155
15412 15712 15713 15912 158 158
8813 Oct 1374 JUDO
4,200 Louisville dr Nashville
100 14514 Mar 9 15912Slay 10
9018 92
92
92
91
9112 •90
98
1283* Jan 15918 Oct
•90
98
280 Manhattan Elevated guar_10
75 Jan 9 96 May 4
555* 5714 53
5534 54
564 5818 58
7814
Dec 90 Feb
573
4
595* 36,000
Modified guaranty
10
40 Jan 10 64 May 3
7
7
634 64
612 612
414 Dec 5471 Feb
614 612
612 612 1,000 Market Street Railway
100
*21
23
44 Apr 3
*21
28
*20
714Slay 4
26
*20
24
8 Nov
*20
43
64 June
24
Preferred
10
21 Aprn 17 2912May 3
53
5312 5012 5012 4812 50
•4812 51
18 Feb 2513 June
*4812 51
600 Prior preferred
•12
100 45 Star 27 5434May 4
18
*12
18
*12
18
•10
14
Feb
5954
*10
Aug
418s
14
Second
preferred
46
100 1234 Apr
40
46
46% 46
46
4534 47
1112 Oct 174 June
45
45
1,400 Minn St Paul & 85 Marle_100 42 Feb 19 164Nlay 4
*80
84
*80
83
8
*80
83
*81
83
27
Jan 5612 Dec
83 83
100 Preferred
100 75 Feb 7 5238 Jan 6
6734 674 675* 6738 *674 675* 6738 68
84 Jan 11
60
68
Apr 8812 Dec
68
180 Leased lines
373 38
3734 38
67 Mar 20 7112 Jan 9
375 38
3718 38
5914 Mar 71 Nov
374 3918 14,200 Mo-Kan-Texas Itit____No 100
10512 10534 10534 10578 10514 106
par 334 Feb 8 4112 Jan 3
10514 10578 10534 1054 2,300 Preferred
3113 Jan 564 June
61
100 104 Apr 19 109 Feb 3
6214 61
6218 595* 611
6112 654 65
9534 Jan 10913 Dec
6714 161,700 Miseouri Pacific
11818 120
100 417 Feb 7 6714May 11
11814 11912 11812 11934 11812 123
121 12338 56,800 Preferred
3773 Jan 62 Apt
412 434
43
100 105 Feb 20 12338Slay 11
414 414
43
414 412
9018 Jan 11858 Nov
414
488 6,000 Nat Rys of Mexico 29 Dref-100
2 Feb 17
512 Apr 26
18412 18534 13514 18734 187 19114 18914 19112
112 Aug
31 04
188
190
174,600
New York Central
136 138
13612 138
100 156 Feb 16 19112May 10 1874 Jan 1714
13678 13938 139 14278
Oct
17,500 N Y Chic & St Louis Co
10934 10934 10912 1095 10912 1093 *10612 11363 142 146
100
128 Jan 10 146 May 11 0110 June 24013 MI1Y
4 10934 10934 1.100 Preferred
335 348
322 336
100 108 Feb 23 110 Jan 4 102 Mar 110 Dee
291 315
290 330
325 328
1.170 N Y & Harlem
6614 67% 6514 863
50
6318 66
168
Jan
6318 6334 6318 6418 55,200 NY N
3 605 Apr 26 187 Dec 185 Apr
11 & Hartford
117 117
117 117
100 592* Jan 16 6838Slay 2
117 117
11634 117
4153 JAR 6314 Dec
11634 11678 1,300 Preferred
3512 3714 35
353
3434 367
11314
344 3614 35
36
15.100 N Y Ontario & Western___106 24 Feb 29 117 May 3 11033 Oct1143* Nov
1073 107
1072 11
1012 107
Feb 20 39 May 2
1012 1012 1018 1078 4,100 N Y Railways
2314 Jan 4124 Sept
*4612 48
pre( etfs_No par
*46
48
45 Dec 1614 JS8
464 477
514 Jan 24 13 May 3
46% 47
45
4678
1,100 Norfolk Southern
190% 191
190 19312 19314 197
100 41 Feb 21 494 Jan 11
193 195
374 Jan 6412 June
192 19212 10,000 Norfolk &
*87
90
Western
*88
90
100 17734Mar 2 197 Slay 9 156
.88
90
*88
Jan 202 Noy
90
*80
90
Preferred
1014 1021 10113 10212 101 10213 10212 104
100 7912 Apr 26 89 Apr 28
83 June 90 July
10312 1043* 25,800
99
997
9912 9934 983 993
100 925* Feb 7 1043851ay 11
9938 10018 99% 10078 13,800 Northern Pacific
78
Jan 10218 Dee
Certificat
es
*20
22
20
20
100 905* Feb 20 10078May 11
*18
22
*18
84 July 9974 Dec
22
*18
22
100 Pacific Coast
6734 681
6712 677
100 20 Feb j8 26 Jan 12
6758 6884 6734 6814 6734 6818
313* Deo
1514 Feb
41,400 Penneylvania
*30
*30
36
36
60 63 Feb 9 7212 Apr 27
36
3639 .32
6634
Jan 68
Oct
36
.32
35
600
'Peoria A, Eastern
•13714 140
139 140
100 25 Mar 12 37 Slay 1
139 14234 141 14112 •141 14112
20
Jan
463
4 July
1,900 Pere Marquette
•100 1001 *100 1001 10018 1004 *9912 10012
100 1244 Feb 9 146 Apr 11 1144 Jan 1404 May
*9912
10012
100
Prior
*9314 99
preferred
984 981 *98
100 99 Jan 18 10134 Mar 28
9312 98
93 Jan 994 Dec
98
*98
9812
300 Preferred
*147 149
150 1501 1504 15634 153 15612
100 9512 Mar 6 100% Mar 30
8934 Jan 9712 Dee
26,700 Pittsburg
11113 113% 113 11778 1178 11918 11714 1193 15412 159
100 12114 Feb 20 161 Apr 9 12212 Jan 174 May
8 11612 11834 120,600 Reading h & West Va
45
.4312 4512 *45
413
50 9414 Feb 7 11938May 10
4512 *4412 451 *4412 4512
Jan 12334 June
94
1,000 First preferred
54
55
5412 56
50 424 Mar 1 46 Apr 9
5534 5712 56
5713 5534
4013 Jan 4312 Dec
56% 6,700 Second preferred
50 44 Jan 26 5978May 1
433
Jan 50 Feb
4
61
61
*61
65
6213 6218 *60
65
6712
400 Rutland RR pref
120 12072 12014 12112 121 12134 011914 12138 67
100 50 Feb 21 7034 Apr26
43 Jan 69 May
12014
*99 10012 100 100
100 100 .100 10034 10034 12078 27,700 St Louie-San Francisco-JO° 109 Feb 7 122 Mar 23 10034 Jan 11714 June
10034
40(1 Preferred A
854 8734 8518 8638 855* 8713 8734 88%
100 9912 Apr 5 102 Jan 4
Jan 104 July
96
8812 91
16.100 St Louts Southwestern
.92
93
*91
100 6713 Feb 8 91 May 11
92
*91
9134 91
61
Jan
9134 9134 9134
93 June
100 Preferred
1942 1913 19
1914 1812 1912 19
100 90 Apr 17 95 Jan 3
7671 Jan 904 Der
194
1812
1812
6,400
Seaboard Air Line
2712 2712 27
100 11112 Mar 3 3012 Jan 3
2713 2512 2512 2512 2638 .25
2818
Mar
614
Feb
1.400 Preferred
12538 12612 12538 127
100 1912 Mar 3 38 Jan 3
127 13114 128 13034 12718 26
324 Apr 451 July
163 165
16312 1645* 16312 16412 16353 1645* 1624 12834 86,000 Southern Pacific Co
100 1175* Feb 7 13114May 9 1064 Jan 12672 Dee
1634 20,400 Southern Railway
10034 10034 100 10112 100 10114 *10034 1015*
100 1394 Feb 8 165 May 7 119
Jan 149 Dec
*10034 101
1,200 Preferred
138 142
13912 14013 139 140
100 984 Mar 14 1024 Jan 17
94 Mar 1014 Dec
13834 139
13914 140
9,700 Texas & Pacific
42
100 0913 Jan 3 145 Apr 27
4213 4013 42
41
4112 4114 4112 43
2
537
Jan
10373 Nov
1
43 2 5,700 Third Avenue
5012 51% 55
100 284 Jan 10 4618May 3
56
53
54
2834 Aug
53
53
41
5178 53,4 5,300 Twin City
Feb
•10218 10414 •1024 10414 1044 10414 *10218 104
Rapid Transit _100 4.4 Mar 23 56 Slay 8
45 Nov 6514 Feb
104 104
30 Preferred
20012 20238 2028 20412 20234 20434 20214 20414 20214
100 10218 Apr 11 107 Feb 10
99
Apr 106 May
20414 23,200 Union Pacific
18613
864 8673 8612 865* 8634 863
100
Feb
6
2043
4Slay 9 15912 Jan 19734 Der
8612 8612 .8612 8634
800 Preferred
100 83 Mar 13 8714 Jan 20
8612 88
87
923s 915* 9513 92
77 Mar 8534 Dec
9334 9214 9614 157.800 Wabash
100 51 Feb 18 9512May 9
99 10018 100 101
99
99
10012 101
4013 Jan
101 101
81 June
4,900
Preferred
A
100
*95 100
*95 100
8812 Feb 7 101 Slay 9
99
99'4 99
76
99
Jan 101 Jun
99
99
1,500 Preferred B
100 87 Feb 4 9914May 9
49
5278 50
5114 541
52
5234 5434 527k 5433 80,300
65
Jan 98 Jen Western
Maryland
100
3134
.50
Feb
52
*50
543
8
52
52
541
4May 10
545* 5478 .5312 55
1334 Jan 6774 Jun
1,600 Second preferred
100 5312 Feb 8 5478May 10
23
Jan 674 Jar .
P BId and asked peke& 3 Ex-divid4u3d. a EX-813
a, on-rights.
2932
New York Stock lieCOrCI-Continued-Page
For sales during the week of stocks not recorded here, see second page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
May 5.
$ Per share
Monday, i Tuesday, 1Wednesday, Thursday,
May 10.
May 9.
May 8.
May 7.
Friday.
May 11.
Saint
for
the
Week.
PER SHARE
Range Sines Jan. 1.
On basis of 100-share lots
Highest
Lowest
STOCKS
NEW YORK STOCK
EXCHANGE
per share $ per share $ per share $ per share $ per share Shares
3538 1.600 Western Pacific new
3458 3533 35
36
*35
3538 3533 3458 35
6138 1,255 Preferred new
61
604 605s 6013 6012 6012 61
*6012 61
$ per share
100 284 Feb 7
100 574 Feb 9
Per share
374 Jan 13
62% Jan 6
PER SHARE
Range for Pregame
Year 1927
Lowest
Highest
per share $ per share
3512 Apr 474 June
65 Apr 7634 Feb
Industrial & Miscellaneous.
10.500 Abitibi Pow&Paper new No par 72 Feb 20 85 Apr 62
6253 Mar 118', NoV
No pas 95 Feb 21 11112 Apr 13
1,000 Abraham & Straus
100 11012Mac 8 113 Jab 10 109 Aug 1134 Feb
360 Preferred
100 195 Jan 4 378 Apr 57 124 Jan 210 Nov
900 Adams Express
9434 Nov 964 Dee
100 93 Jan 16 9912Mar 28
500 Preferred
4 Get 1534 Feb
1
7/
100 1112 Feb 8 4232 Apr 26
8,400 Advance Rumdy
nis Oct 4514 Nov
100 344 Jan 17 64% Apr 26
5,000 Advance Rumely prat
612 Sept
254 June
1
234 Jan 17
the Mar 20
14,200 Ahumada Lead
6012 Apr 10 7478May 7
35,000 Air Reduction. Inc newNo
7l Juneja-1{;
952 Mar 16 14% Jan 24
No par
16.700 Ajax Rubber, Inc
214 Feb
478 Apr 27
1 June
1 Jan 5
21.900 Alaska Juneau Gold Min_ 10
18 Apr 32 Sept
Albany Pert Wrap Pap-No par 23 Mar 15 3114 Jan 26
11134
Sept
14
102
Mar
June
17
98
Jan
9812
100
Preferred
-----Chemical & Dye_No par 146 Feb 18 16838May 101 131 Jan 16914 Sent
1644 16732 163% 16534 16314 16814 16512 16833 16614 16712 51.400 Allied Chemical
& Dye pref.100 122 Mar 1 12758May 4 120 Mar 124 Aug
12314 12414 12314 12334 1,000 Allied
12312 124
1.2812 12312 123 123
88 Jan 118% Dec
100 11515 Feb 18 12934 Apr 27
3,200 Allis-Chalmers Mfg
127 127
1284 12912 127 12838 12513 127
126% 128
1634 Apr 19
11% Nov 24% Feb
Ills Jan
14% 1434 1518 1514 1438 1438 1438 144 1414 1414 2.600 Amalgamated Leather_No par 69
Apr
90
68
Mar
19
Dec 108 Feb
Preferred
600
83
82
86
*84
83 83
82 82
85 85
2758 Apr 374 Feb
No par 274 Feb 20 3834 Mar 31
3412 3538 14.700 Amerada Corp
3578 344 35
3512 35% 3414 3514 34
20 2172 Jan 9
Feb
1552
Apr 2112 Dee
84
Chem_100
Agricultural
Amer
4,700
1914
19
19
19
1834
1812
194 1934 1834 1914
284 Apr 7234 Dec
100 5532 Feb 20 7472 Apr 5
6878 7,900 Preferred
68
66% 6914 6412 6634 6412 6512 6534 67
41 Jan 98 Nov
10 7434 Jan 1 159 May 9
17,100 Amer Bank Note
145 14912 145 149
13512 159
13334 137
13213 138
ao 61 Feb 10 6574 Jan 3 5812 Jan 65 Sept
320 Preferred
64
6458
65
644 6418 644 6412 642 644 65
154 Oct 2334 Mar
100 American Beet Sugar-No par 1479 Feb 15 1712 Jan 11
1578 1578
*154 17 *1512 17
*1534 17
*1513 17
35 Dec 6012 Jan
100 36 Feb 17 43 May 9
Preferrei
700
43
43
43
43
43
43
4212
42
424
42
18
13 Jan 265, Oct
Feb
8
5
153
par
3412May
.No
Magneto.
Bosch
Amer
88,600
2934
4
3
30
2958 3178
2812 3214 3114 3413 3114 33
354 May 46 July
4514 4414 4478 6,700 Am Brake Shoe & F newNo par 4134 Mar 5 494 Jan 27
45
4414 4413 444 4538 444 45
4 127 Mar 20 11714 Feb 128 Mar
Jan
1244
100
Preferred
100
8
1255
*125
12512
12512
125
*125
3
5
*125 12558 *125 12558
514 Aug 3912 Jam
18 65,100 Amer Br wn Boverl El_No par 1013 Apr 27 1834May 8
17
1638 1814 1513 1658 1512 18
18
16
100 4014 Apr 27 65 May 4
40 Aug 98 Feb
890 Prefer'ed
61
60 6278 61
60 62
58 644 62 63
Mar 7732 Dec
18
4355
Jan
11
7012
Can
25
9514May
American
372,800
92
3
3
10
934 9514
9124 9314 904 9338 9012 9178
100 13634 Jan 10 147 Apr 30 126 Jan 14134 Dec
700 Preferred
14658 14658 146 14614 14614 14653 1464 14618 •146 147
Apr 24 1114 Jan 3 95 July 111 Dec
103
par
.No
_
_
&
Car
American
Fdy.
12,300
4
1043
3
1067
107
1034
104
10334
10434 10513 104 105
100 13058 Feb 20 13712 Mar 31 1245 Oct 13454 June
1,000 Preterrea..
13612 137 "13514 137 *13514 137
•13512 137 •I31 137
984 Dec 103 Sept
100 0914 Mar 7 102 Apr 23
200 American Chain pre!
102 102
101 101 *101 102 *101 102 •1014 102
par 69 Jan 12 8934May 11
No
36 Jan 748 Nov
Chicle
American
15,300
8612
894
87
86
79:4 834 8211 8514 8614 88
par
No
Jan
8
107
112I4May
Prior
preferred
90 Jan 110 Dec
130
11118
11118
8
11114 11114 11114 11214 111 111121 11053 1105
Stock
91s Apr 154 Nov
1312 1318 131 21,700 Amer Druggists Syndicate_ 10 11 Feb 18 1515 Apr 10
1312 1334 1314 1334 1314 1353i 134
Apr
par
75
Jan
Tiling_No
25
53
Encaustic
Aug 574 Nov
38%
Amer
1,400
7018
6814
69
69
68 6934 68 69781
69 69
Exchange
10
Jan
28
169
Express
Apr
100
Jan 183 Nov
197
American
127
1
18813 1884 5,600
189 19134 19014 19234 189 19034 1864 189
par 2258 Feb 28 38%May 1
Power__No
For'n
&
Feb 31 Dec
1872
Amer
27,200
37
3578
8
363
35
1
36
3518
37 3838 3634 374
Closed.
par
8
Feb
10978May
No
Preferred
1
Mar
1054
864
2,150
10954 Dec
3
1097
10918
10912 10934 10912 1097s 10914 10934 10913 10978
No par 81 Feb 24 9634 Apr 27
934 9314 3,800 2d preferred
94
9458 94
9458 94
94
9514 94
Extra
Apr
American
Leather_100
&
10%
18-7i Oct
Feb
Hide
15%
5t
7
Jan
1
300
14
*13
13
13
14
*13
1284 1234
"1213 13
100 5034 Apr 23 6732 Feb 1
48 Mar 6672 July
554 1,100 Preferred
54
*5253 5312
53 53
5258 53
Holiday.
3032 Jan 71 Nov
6918 6978 6914 6978 8,700 Amer Home Products_.No par 59 Feb 18 7132May 2
70
6913 7138 69
No par 28 Jan 10 41 Apr 27
2514 Oct 82 Aug
3934 23,900 American Ice New
3955 39
3934 39
3918 40's 39 4014 39
100 90 Jan 7 99125lay 9
84 Jan 96'i May
200 Preferred
9914
9612 994 9912 9912 9912 *98
991 498
*98
.No
Jan
Mar
par
Internet
Mar 7232 Dee
1014
37
Amer
Corp..
31
71
22,100
951:
964
9412
4
923
944
93
9658
9634 94
94
778May 7
4 June 10 Jam
514 Jan 12
74 20,800 Amer La France& Foamite 10
7
74
7
712
7
713 734
758 77
100 56 Jan 10 74 Mar 27
604 Dec 9015 Jan
400 Preferred
70
70
70
70
74
470
74
*6934 74 *70
100 6635 Jan 13 1114 Mar 14
204 Apr 7212 Nov
9878 13,100 American Limited
9818 9558 967s 954 974 97
9818 9934 96
100 8612 Jan 13 108125lay 11
464 Mar 9212 Nov
600 Preferred
10813 10813
10712 10712 10712 108
*107 108 *10712 108
par 1044 Apr 23 115 Jan 31
Locomotive_No
Oct 116 MAY
9914
American
2,600
4
1083
10812
107
10812
10712
4
1063
107
10612
1071
107
100 1254 Jan 26 134 Mar 24 11912 Feb 127 July
300 Preferred
12734 12734 12734 12734
12834 12834 *125 129 4,125 129
734 Jan 18812 Dec
1,600 Amer Machine & Fdy_ _No par 15214 Feb 24 180 Mar 26
16634 16634 16614 169
165 165
165 168
"157 165
11112Mar
116 Jan 13
100 Preferred ex-warrants
•11513 117
115
115 116
115 115 *115 120
464 4712 6,200 Amer Metal Co Ltd...No par 39 Mar 13 4912May 3 -113-1;Nov IA; Dec
47
78 47 4752 47
47....
.
142 .
1
7/
46
.. *12
438
.
12.
7:4
46
.12
100 11012 Jan 11 12634May 10 108 Jan 1134 Dee
30 Preferred
*1264 ---- 12634 12634 12634 12634
2012 Dec 431g June
No par 1712May 11 25 Feb 7
800 American Piano
1712 171
18
1812 1878 1838 1813 18
18
18
100 594 Apr 16 90 Jan 3 84 Nov 1104 Mar
280 Preferred
66
6658 6658 66
6812 6812 644 68
72
70
54 Jan 7335 Oct
par 82% Jan 11 9358May 11
Light____No
&
Power
Am
75,200
3
935
9012
90
8614
8718
8514
8814
874 894 87
25 1304 Jan 18 15234 Mar 30 1104 Jan 14772 Sept
6,900 American Radiator
14613 1477
146 147
14618 148
14634 1494 148 149
8712 Apr 11614 Nov
1,500 Amer Railway Express__ _100 1104 Jan 4 13834 Feb 21
130 130
130 130 *130 131
*129 13112 128 130
514 Feb 7 85 Apr 12
854 Jan 8215 Dee
7634 7838 10,000 Amalie.= Republics-No pa
7533 80
77
774 8113 7653 7812 76
10
Apr
664
10
Jan
42 July 6472 Nov
56
par
Razor-No
Salty
American
700
62
6112 6112 *6112 6134 62
6212 6212 6113 62
38% Feb 18 4432May 11
3872 Oct 51 July
No pa
4314 434 4438 12,700 Am Seating v t e
4112 4112 41
4112 42
42
42
7
May
6
3
Jan
3%
par
24 Oct
Comm-No
634 Jan
&
Ship
Amer
4,100
558
512
512 534
533 534
514 553
534 6
80 Jan 12334 Nov
30 American Shipbuilding____100 100 Apr 19 119 Jan 6
104 104
10412 10512'510114 104
*10214 106 *10214 105
27 193 May 7 13212 Jan 18834 Deo
Feb
169
&
Smelting
Amer
Refining-100
31.500
6
1913
1917
18914
19112
19014
18918
19012
19253
19134 193
100 13118 Jan 9 142 Apr 20 11914 Mar 133 Dee
2,000 Preferred
'1 13834 140
140 14038 1394 13913 13938 1394 13834 13834'
100 141 Jan 5 17412 Apr 13 11932 Jan 14634 Nov
800 American Snuff
17234 17234 171 17134 *170 1707s "171 172
173 173
102 Jan 5 11412May 3
100
Prefdrred
944 Jan 101312 Oct
10
•11312
_
*11334 ____ *11334 ____ 11334 11334'1134
414 Apr 723 Dee
5372 Feb 18 7038 Jan 11
8,300 Amer Steel Foundries-No pa
6334 6412 634 6414 634 64
644 6578 64 65
112 Mar 27 120 Feb 29 11014 July 115 Jan
100
Preferred
310
11314
11312
11212
113
113
113
113
11212
113 113
Feb
55
100
18
6514 Nov 955 May
12
Jan
7814
Refining
Sugar
Amer
16,600
7112 7278 7234 7312
7212 73
7434 7234 74
73
100 100 Feb 17 1104 Jan 28 104 Nov 1184 May
800 Preferred
108 10812 *10712 10813 10713 10813 *108 109 109 109
27
Feb
47%
6212
4112 Jan 68% 001
7
t
v
Jan
Tob
c
Pa
Sum
No
Am
2,900
5614
5512
56
56
5512 5614
57
5814 57
58
26 Apr 365g Aug
300 Amer Telegraph & Cable__100 25 Mar 2 32 Jan 17
27 .22612 2713 2613 27
2612 264 264 26
*26
17612 Feb 20 19872May 7 1494 Jan 18512 Oct
Teleg
100
&
Telep
Amer
31,300
19534
4
1963
195
197
195
19614
8
1987
1964
19558 19878
4,400 American Tobacco corn.___60 15315 Apr 24 176 Jan 3 120 Jan 189 Nov
163 167 165 16653 164 165 2141 163 "16212 164
50 15412 Apr 24 177 Jan 3 11914 Jan 188 No,
16314 16511 16314 16512 x16253 16314 16258 16338 24,500 Common Class B
16078 168
100 11718 Mar 19 126 Apr 20 1104 Jan 120 Dee
200 Preferred
125 125 "120 125 *121 125 *12112 125 *12458 125
11535 Feb 10 12834 Jan 3 11978 Nov 146 Feb
Founders__100
'Type
American
900
118
11713
11734 11734
11734 11734 117 117
*117 118
100 107% Jan 7 115 Mar 31 10714 Feb na Sept
60 Preferred
11013 11013 11018 1104 •11018 111
11012 111
112 112
5215 Feb 27 7034May 4
48 Aug 724 Sept
&
Wks
Eta
Wtr
newNo
Pa
Am
14,000
67
6573
6612
6518
6612
6558
66 68
70
68
10112 Jan 10 106 Apr 13
9072 Oct10312 Dec
100 1st preferred
1044 10434
31044 106 *10412 105 *10412 105 "10434 105
100 204 Jan 3 2434 Feb 14
164 June 8353 Jut
3,600 American Woolen
2234 23
23
2238
2234
2212
2278
2258
2234 2278
100 4972 Jan 3 6214 Feb 14
4672 June 8812 Jae
2,800 Preferred
54
5458 54
544 5258 5414 5258 524 524
54
97a May 2414 Got
*1312 1334 3,400 Am Writing Paper etIs_No par 13 Mar 29 194 Feb 9
14
1334
1378
1334
4
133
1334
1478
13
100 41 Jan 5 4834 Mar 1
2534 Apr 5714 Aug
500 Preferred certificates
44 *42 434 *42
4312 *4013 4312
441: 4312
44
11)
Apr
3034
10
Jan
&
632
Lead
25
Zino.
Smelt/4 Sept104 Feb
5
Amer
12,100
2578 2438 2578
2458 2533 2514 2578 25
2413 26
35 Oct 5114 Feb
25 40 Jan 16 98 Apr 11
1,600 Preferred
*8618 8712 8618 864 8712 88
8618 88
87
86
9
June 6012 Dee
18
Jan
Apr
7278
4114
MlnIng...50
54
Copper
Anaconda
166,700
4
3
70
4
713
7012
734
6934 7112
7153 7212 7013 72
38 Mar 63 Dee
9012 9358 54,800 Archer. Danl., Midrd-NO par 554 Feb 20 97 May 9
8812 95
83 8578 83 97
8712 90
Mar 16 106 Jan 11312 Dec
11514
20
Feb
4
1123
100
Preferred
10
115
"11313
115
*11313
1134
411311 115 *11312 11413 11313
79 Oct964 Fob'
934 944 6,900 Armour & Co(Del) prat _100 86% Jan 3 9412May 7
9358 9313 94
934 9413 9212 9334 9313
814 May 1572 Jan
8 164 1678 18 146,800 Armour of Illinois Class A__25 1114 Jan 16 18 May 11
1553 1638 1512 1614 1512 1618 155
11
B
25
1312May
Class
5 Dec
10
Jan
64
94 Jan
1313
654,400
1278
13
1113
1234 134 1134 1258 1112 1212 8458 8458 85
60 Apr 8614 Jan
100 674 Jan 12 86 May 4
8513 6,500 Preferred
8478
4
843
85
85
844 85
41 Mar 14 5134 Apr 2
Apr
21
Nov
5512
Constable
par
Arnold
Corp_No
2,700
4434
4
443
8
453
4413
4512
454 4612 4514 4512 4514
22 Jan 32 June
1,500 Art Metal Construction____10 2512 Jan 10 3434 Apr 19
33
33
33 "3234 33
3334 3313 3312 33
33
40% Dec 5454 Jan
No par 3912Nlay 8 444 Mar 30
Artloom Corp
2,900
4134
41
40
8
397
394
8
397
3912 3978
40 40
100 10914 Mar 6 114 Mar 19 10912 Nov11412 Nov
20 Preferred
11014 1104 "10914 110 •10914 110
*11012 114 *11013 114
394 Feb5311 Nov
No par 4114 Mar 1 4834 Jan 23
454 464 10.400 Assoc Dry Goods
4513 444 4434 444 45
4538 4533 45
let preferred
100 108 Feb 18 11372 Apr 3 974 Mar 112 Dee
113
"105
114
*110
11312
*113
11313
*113 11313 "113
2d preferred
100 112 Jan 3 1194 Jab 27 105 Mar 114 Deo
"112 116 •109 116
*114 118 *114 118 *114 118
35 Oct 5014 Feb
25 374 Feb 18 4812May 2
400 Associated 011
4114 4114 4378
41
4013 44
44
44
44
44
8032 Mar 434 Nov
W I S It LIne-No par 3718 Feb 18 52 May 11
&
At'
G
25,500
52
49
4813
4613
4618 4734 4713 4813 474 4856 51
Preferred
12
27
Feb
38
Mar
100
58
293 Mar 415* Nov
12,800
5338
5134
52
5218 5338 524 5318 5078 5273 1314 13414 13138 134
24,600 Atlantic Refining
100 9524 Feb 9 13975May 1 104 Dee 13153 Aug
13313 13518 13214 13334 13014 13358 *11714 1177s •11714 118
11512 Feb 110 Aug
Preferred
18
Apr
110
8
11512
Jan
11814
100
117 117 *11678 11813 11778 11778 8113 8212 *8114 82
30111 MAY 70 June
500 Atlas Powder
No par 63 Jan 3 101 Mar 23
*8114 85 "8114 85 *8114 85 109 109 •10812 109
98 Jan 107 July
180 Preferred
100 1024 Jan 20 110 May 9
10812 1084 109 110
10812 109
Tack
714 June 1212 Apr
Atlas
3
3,200
Feb
par
16%
No
6
Jan
814
144
1434
8
147
1358 1412 134 1478 1434
144 15
718 712 17,900 Austin. NIchols&Co vtoNo Par
414 Mar 104 Jan
712May 10
435 Jan 3
712
7
678 74
64 7
558 634
Ms Dec 61 Jan
Preferred
21
Jan
39
1,500
26
100
5
Jan
3612
3613
374
35
35
3414 3414 35
34
34
Dec 8084 Nov
724
9
May
23
Austrian
Mar
Credit
75
Anstalt
2,000
70
734 74
7358 74
7158 7158 7312 7411 7358 75
44 Mar 11 Dec
NO par
612 Jan 18 1434May 1
1313 1414 1334 1418 14,300 Autosalee Corp
1318 1418 1238 1412 1358 141
4214 Dec
may
28
1
Feb
3732
26
Jan
2,900
Preferred
30
50
353
3434
4
35
3412 3558 3414 3458 3518 35'3 35
63 Nov 4672 Nov
521:May 1
5013 4932 5018 2,600 Autostr Sat Razor A. No Par 434 Jan 1
5014 4938 5014 50
Jan 26534 steps
143%
5013 5134 50
31
Mar
10
Baldwin
Feb
Locomotive
285
400
242
Wk2.100
260
"252
260
260 260 26014 262 4.257 260 *255 12412 "12212 124
100 118 Feb 23 12434 Apr 11 110 Jan 1254 July
100 Preferred
123 123 *1224 124 *12212 124 *12213
200 Bamberger (L) a, Co pref. IOC 10812 Apr 25 11174 Jan 5 1065, Mar 110% Dec
•108 111
11012 11013 *110 1108± 110 110 "109 11112
40 Jan 5972 Feb
524 Feb 1
Leather
Barnett
par 2558 Apr 1
No
1,800
3114
31
3114
31
33'± 3114 32
3413 32
33
2054 Oct3612 Feb
25 2114 Mar 30 2678 Apr 30
2434 2518 2413 253s 37,800 Barnsdall Corp clam A
2412 25
2434 2538 2434 25
2012 Oct3212 Feb
Apr 30
274
14
Feb
22
B
Class
2514
25
100
'2414
*2414
2514
251
251 *2414
2412 2411 *24
7958 80
82
81
80 81
105 105
105 10534 *105 10613
113 113
111 11115 *111 113
364 369 365 365 361 361
9856
'9712 984 9711 9712 *98
334 3478 3278 3412 3114 3334
5214
55 5513 55 564 52
453 5
44 434
432 51
7118 7338
69% 7475 72% 747
1014
1035 10
104 1012 10
37
418 44
44 43
418
3018
3012 28
294 3014 30
*Bid sad asked prim: no sake on Ws day.
79
794
1054 10518
113 113
357 357
*98
984
334 3612
5212 58
412 4%
71% 73%
978 10
414
4
2812 29
82
79
105 1053:3
1114 113
345 350
*98
9858
36
35
55
55
41: 4%
72% 7378
934 10
44 414
2834 29
12:4-411v16end. •Ex-lights
New York Stock Record-Continued-Page 3
For pales during the week or stocks not recorded here, see third
page preceding
2933
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
PER SHARE
PER SHARK
Sales
STOCKS
Range SW/ J.1.
for
Range for Previous
NEW YORK STOCK
Monday,
Tuesday, Wednesday, Thursday,
On bazts of 100-share lots
Friday,
the
Year 1927
EXCHA
NGE
May 7.
May 8.
May 9.
May 10.
May 11.
Week.
Lowest
Highest
Lowest
Highest
$ per share $ per share $ per share $ per share $ per share
$ per share Shares Indus.& Miscel.(Con.) Par $ per share
$ per share $ per :bar $ per share
126 126 *125 126
126 126
124 125
124 125
900
Cigars.
Bayttk
Inc
No par 10114 Jan 18 14012Mar 1
10818 10818 108 108
108% 10812.108 10812 *108 10812
4912 JanI 109 Dec
90 First preferred
100 10734 Jan 10 11038 Mar 28 101
17
174 1634 1714 161 1712 1718 1712 1714 1734 17,300
Jaril 110 Aug
Beacon Oil
No par 1214 Mar 16 2014 Apr 25
80 8034 7914 7978 78% 79
14 OctI 1814 June
78% 7912 784 7812 2,200 Beech Nut Packing
20 71% Jan 17 834 Feb 9
19
192
6014 Apr 7414 Nov
1834 19
1834 1834 1834 1878 1834 187
4.400
Belding
Hem'way
Co_-No
par
1818
20
Jan
22
Jan
12
9214 9214 92
154 Julyl 2714 Jan
92
92 92
9134 92
9114 9114 1,400
8514 Feb 18 924
7
8938 707
_ _ -May ___
6884 698 69 89% 68% 6938 6918 6914 10,000 Belgian Nat Rye part
_ __
Beet .k CO
prat--No par 5334 Jan 19 717 Apr 27 -49% Aug -_6112 6378 6118 62% 6018 6114 6012 6278 61% 63
5915 Nov
60,500
Bethlehe
Steel
m
Corp
100 5518 Jan 20 8938 Apr 14
121 121 *120 12012 120 12014 12012 12012 121
4314
JanI
6613
Sept
121
1,000 Beth Steel Corp pf (2%) -100 119 Mar 8 125 Apr 13 10484
•3712 377
3734 3778 3712 374 3712 3712 *3738 38
JanI 120 Dec
700 Bloomingdale Bros___No par 85 Mar 2 441k Jan 5
1094 10912 *10212 111 *10912 111 *11012 111
34 Junel 5278 Nov
*11012 111
10
Preferred
100 10912 Jan 11 11112 Apr 5 1094 JanI 114 Noy
.90 91
*89
91
90
90
90
92
90
001
560 Blumenthal & Co pref
100 8713 Apr 30 9611 Jan 20
70
44 Jas,l 95 Dee
7012 *6918 6914 6914 69% 6912 7014 6912
69's 1.600 Bon Amt. class A
No par 8514 Jan 3 7834 Jan 27
6
5318 JanI 691s Dee
6
638
6
6
6%
6
618
6
614
3.100 Booth Fisheries
51 Jan 4
No par
41 Sept
.39
Jan
711
9
46
839
46
*40
838 Apr
46 *43
47
*40
50
lit preferred
100 4114 Mar 14 49 Jan 11
170 171
16912 18912 169 170 16712 16812 169 169
86 Septi 5714 MaY
Borden
2,200
Co
50 159 Feb 20 187 Jan 11 1674 Dod 169 Dec
*19
20 *19
1912 *19
1912 19
19 819
20
300 Botany Cons Mills class A 50 1818 Jan 28 23 Jan 4
3184 3212 3038 3238 2912 3034 30
18 Mail 301s Sept
3078 3014 3114 81,000 Briggs Manufacturing_No
par 2118 Feb 4 33 Apr 12
3
312
313 312
:Septl 8638 Feb
191
34 338
314 338
333 338 2,100 British Empire Steel
100
118 Jan 10
614 Feb 1
12 Apr1
2 De.
*684 7
634 634
7
7
7
7
7
800 2d preferred
71s
100
Jan
24
262 26334 262 26314 25812 259 257
5
12
Feb
1
Apr
1
712 Dee
2259 259
2,100 Brooklyn Edison. Inc
100 20634 Jan 10 2684 Apr 13 1481s Feb 225
15734 15734 *155 158 *154 158 *154 258
Dee
•154 156
200 Bklyn Union Gas
No par 145 Feb 20 15914 Apr 14
5138 5178 51118 5218 5138 5178 504 156
8938
1571,
Apr
Dec
5178
5018 507
7,100 Brown Shoe Inc
No par 47 Jan 10 554 Apr 5
42
43
4314 4534 4518 4634 4418 464 464 49 93,200
804 Feb 504 Dec
Brunsw-B
alke-Col
lanl-No
271*
par
Feb 20 49 May 11
3538 36
2672
36l 3914 3858 42
July
384
Jaw
4112
444
44'l
48,300
Bucyrus-Erie Co
47'8
4414 4438 4412 4578 4618
10 2418 Feb 1
474May 11
4834 4918 5173 51
533 100,800 Preferred
10 3338 Feb 17 5334MaY 11
*108 10612 10612 109
108 111
-110 1127 113 114
-------4,000
Burns
Bros
new
clAeomN
o par 9312 Feb 17 114 May 11 -8518 June lib% Jan
2938 30
2712 29
297g 2978 2978 298 2912 30
3,000 New class B com____No par 157s Mar 8 30 Apr 30
10234 10332 10014 102
10278 10378 10312 10378 104 10514
164 Mar 8438 Jan
710 Preferred
100 9734 Feb 21 10514May 11
161 161
162 16214 180 160 *15918 160
90 June 100 Jan
15918
15934
Burrough
700
s Add Mach__No par 139 Jan 14 165 Feb 3 290
6214 63
60 62
Mar 145 Dee
6078 6078 80 6014 60 6038 4,800 Bush Termina.new_._
par
_No
11112 11111 11112 11112 112 112
5812
Apr
6714
5
Apr13
2938 Jan 69 Nov
11134 11213 11212 11212
750 Debenture
100 10714 Jan 4 11212 Apr 30
11878 11878 11712 119
9114
117 11814 117 117 *11612 117
110 Bush Term Bldge. met_ _100 11418 Feb 15 119 Feb 4 10358 Jan 1117s Dec
6
6
6
6
55
Feb 120 Aug
6
6
6
538 578 6,500 Butte Copper & Zino
5
5734 60
418 Jan 19
71: Feb 28
59
35* Mar
61
594 60
512 May
59
6034
593
8
61
Butterick Co
19,200
100 45 Feb 7 6314 Mar 29
10
1038 10
1118 1078 11
44
Oct 6134 Feb
10
1034
1034 1034 6,400 Butte & Superior Mining
10
734 7414 73
9 Jan 11 1238 Feb 10
738 Nov 115* Jan
73 *734 74
7314 73z 7312 7312 1,700 By-Products Coke
par
No
10018 10238 10118 10284 10012 101
65 Mar 1 7614 Apr 18
68 Jan 9218 June
10118 1027 10112 10278 9,800 Byers & Co(A M)
No par 904 Jan 16 1174 Jan 27
•11058 Ill *10934 111
62 Jan 1024 Dec
1104 11084 11034 1103 *10912 111
110 Preferred
100 10858 Apr 13 11218 Jan 14 1054 May 1121: Dec
7758 7884 77 777
7618
7778
76
77
761s
8
773
11.200
Californi
a
Packing_.-No par 7158Mar 3 7934 Apr 13
3134 3134 31
31
6038
Apr 79 Dee
3012 31
31
31
3034 3113 2,900 CaUfomia Petroleum
25 2514 Mar 16 3212 May I,
334 4
384 4
313 37
312 378
338 378 15,500 Callahan Zino-Lead
10
"%Mar 8
538 Apr 301
-114 Sept
-258 Jan
Stock
10334 10538 10238 10334 10118 10238 10134 10234
104% 16,600 Calumet Arizona Mining
10 89 Feb18 12014 Jan 3
238 233
2318 2334 2234 2314 2258 231 102
8112 June 1234 Dec
2318 2338 32,200 Calumet & Heels
Exchange
25
204
Jan
76
10
237s
144
78'z 7738 861
Feb
3
July
2434 Dec
7712 864 77
80
794 8112 170,800 Canada Dry Ginger Ale.No par 5478 Jan 5 86I2May
304 3055g 300 3043g 295 295 295
8
36 Jan Ms Aug
297
298 298
4,800 Case Thresh Machine
Closed. *12612 134 *12212 134 *122 134 *122
100 247 Jan 21 306 Mar 22 132 Jan 28314 Oct
123 *122 123
Case Thresh Mach prof__ _100 126 Jan 30 13512 Mar 30 111 Feb
34% 35
3434 3518 3412 3518 344 35
129 Dec
3438 3518 34,400 Central Alloy Steel_
Mills_ _NO pa
Extra
*1314 137
284 Mar 27 37 May 1
134 1318 1314 134 *13
24 Apr 33 Apr
1338 13
1338
900 Century Ribbon
-No par 1112 Feb 18 1738 Apr 4
83 83 *8034 83
1018 Jan 1634 Aug
*8034 83 *8034 83
83 83
80
Preferred
Holiday.
100
8014
68 693
Feb
21
Mar 12
6734 8914 67 6811 68
70 Jan 884 Dec
6884 68
6838 12,600 Cerro de Paso Copper-No par 581k Jan 3 87
60 61
594 6038 5918 60's 5878 5e3
7112 Apr 12
58 June 721: Dec
58
584 32,400 Oortain-Teed Products_No par 5412 Jan 3 8438
Apr 28
42 Jan 554 May
-- ___
preterred
1st
100
119 Jan 26 12078Mar 1 106 Feb 11834 Dec
iii. iii, ii Ws; ii if .7113 ii ;7113 ii
900 Certo Corp
No par 71 May 3 77 Jan 12 65 Dec 78%
8% 912
91g 10
912 1014 1018 10'z 1038 1112 67,600
Aug
ChandlerClevelandMotNo Da
1814 19
512 Feb 29 1112May II
19
20
413 Nov 14 Mar
1938 2188 2112 23
2334
25
81,300
Preferred
No par 14 Mar 13 25 May 11
7434 7718 76
13 June 2614 May
77
76
771
7634 787
7838 793s 21,900 Chesapeake Corp
par
No
13338 135
7258Mar
7
131 13434 132 132
817
8
Jan
6
6434 June 867, Oct
130 131
130 13112 2.200 Chicago Pneumatic Tool-100 125 Feb 20
3434 3478 34
14114 Jan 30 12012 Jan 1374 Mar
34
3313 34
3312 34 .3313 35
90 Chicago Yellow Cab_ No par 3014 Mar 24 43 Jan
4613 487
474 4838 47 48
14
38 July 47 Oct
4734 49
4918 50 37.900 Childs Co
par
No
37
4284 4338 424 4278 42
Apr
19
5212
Jan 7
4838 Mar 6538 Aug
42's 4218 4238 42
421: 23,900 Chile Copper
25 373s Mar 5 4358May 2
*95
9938 *95 100 •9.5 100 *95 100
334
June 444 Dec
100
100
100 Christie-Brown tern ettsNo par 85 Jan 4 131 Jan
7412 754 734 747
23
344 Jan 9078 Dec
7212 733
724 7318 74
7734 299,800 Chrysler Corp
No par 544 Jan 18 7734May 11
*11612 117 *11612 117 *11612 117
384 Jan 634 Dec
11612 1161s •11611 117
200
Preterrea
No par 11358 Jan 9 117 Mar 12 10238 Apr 116
•5338 54 *53118 54 *5338 54 *5358 54
Dec
*5358 54
City Stores claw A
No par 5114 Jan 19 54 Mar 12
4614 Mar 54 Dec
904 9034 8878 87
88
8812 8712 8712 8812 90
1,800
Class
B
par 62 Jan 5 9378 Mar 27
No
9714 994 9712 9812 97 9812 9718 9714 961:
414
Apr
6412
Dee
9714
5,900
Cluett
Peabody & Co No par 7712 Jan 10 1094 Apr 5
*12014 122 *12012 122 *12012 122 *12013 122 *12012 122
51 June
Preferred
100 11818 Mar 2 12434 Mar 19 11114 Jan 841: Oct
16218 16338 183 16678 158 16778 162 16978 169
No•
16978 55,700 Coca Cola Co
No par 127 Feb 20 16978May 10 '9612 Apr 12514
8638 8778 83
8578 8314 8538 83 8538 8218 843 53,500 Collins & Alkman
1994 Apt
new-No par 79 Mar 2 11134 Jan 3
10514 1054 *104 105 *104 105
86 Aug 11338 Dee
105 105 *104 105
200
Preferred
100
101
Mar
744 75
15 109 Jan 3 10212 Sept 10984 Dee
7472 763g 7478 7514 74
76
744 7684 17,200 Colorado Fuel & Iron
9012 01
100 6612 Feb 27
9014 904 8978 90
Jan 31
4238 Jan 9638 July
9012 89
891
2,300 Columbian Carbon v t oNe par 864 Apr 20 841:
11414 11738 11334 11714 11538 11713 89
9814 Jan 24
6678 Jan 10114 Nov
11418
11418
11818
1157
126,300
Colum
Gas
Elm
&
new_No
par 89% Mar 15 11712May 9
1084 109
10878 109
109 109
827
2 Feb 9834 May
109 109 109 1091
2,400 Preferred new
100 10718 Feb
8558 8612 8538 8712 84
1101s Jan 3
991: Jan 11018 Dec
8578 8314 8578 85
871 27,100 Commonwealth Power_No par 6214 Jan 28
3334 3518 3378 3478 3212 3334 3238 33
11 8712May 8
May 7884 Oct
6838
3234
34
Commerci
12,500
al
Credit____No par 21 Feb 20 3538May 4
*2534 26
27 27
14 June 2412 Dee
26
26
254 254 2534 253
230 Preferred
255 27
25 23 Feb 3 27 May 8
26% 2612 2534 27
17 June 2412 Sept
2612
27
26
27%
Preferred
1,360
B
25 23 Feb 7 2734May 11
9218 941
93% 934 9318 95
18% June 25 Dee
944 954 9412 9518 1,290 let preferred (6
IS%)
70
100 8734 Feb 2 96 Mar 16
7134 7113 7314 704 71
69 July 8958 Dec
89% 70's 6912 7012 9.500 Comm Invest Trust-N
o par 5534 Mar 1 74 Apr 17
'105___ 105 105 *107 109 •I07
4118
May 82 Dee
109
*107
109
20
preferred
7%
100 99 Jan 27 106 Feb 17
97 97 *9612 97% 97 97
944 Sept 102 Dee,
97
97
9712 9712
600 Preferred (63)
173% 175 171 1743 170 17034 17012
100
8638 July 981* Dee.
172
170 17012 2,700 Commercial Solvents__ No par 9438 Mar 6 9712May 11
5612 57
1531:
56
38 18912 Mar 28 145 Nov 208 Sera
57
5612 584 56
56'i 5638 57
2,200 Conde Nast Publica___No par 48 Feb
2814 2834 284 2838 28
Jan 14 5714May 1
2812 28
281
89 Aug 53 Dee
28% 297 62,700 Congoleum-Nairn Inc _No par
7313 7311 72
234 Feb 8 314 Apr 17
7238 7114 7212 7134 742s 74
174 Jan 298 Dec
76
Congress
11,200
Cigar
No par
87 8838 86 8678 86 8634 8618
861
8612 88% 7,400 Consolidated Cigar„ No par 67 Feb 18 817* Jan 3 47 Mar 8818 Dec
794
Jan 20 951:Apr 17
7414 Oct 861g Jab,.
nos 107 *104 107
10412 1041 *104 107 *104 107
100 Preferred
112 15s
100 98 Jan 24 10714 Apr 19
112 138
138 I%
112 138
694 Aug 10684 AtL
138
13
6,400 Consolidated Distrib'ersNo par
16814 1701 218514 16814 16412 16714 1643
72 Jan 21
2 Mar 22
12 Oct
24 Feb.
4 166
164 166 113.400 Consolidated Gas(NY)No par 11938
1032* 104
1031: 104
Jan 10 17014May 7
10338
94 Mar 1254 Dec
10338
10334 1033 10312 10334 6.100 Preferred
5
No par 10118 Feb 16 105 Mar 28
434 5
538
412 47
93
Mar
412 434
103
Dec
438
472
13,800 Consolidated Textile_ No par
3014 31
34 Feb
3038 311
31
538 Mar 28
32
34 Mar
3014 32
7% June,
3012 317
6,800 Continental Baking elAN°
41
45
43
par 2612 Apr 10 5318 Jan 13
5
47g 58
3318 Apr 747k Jan
478 5
472
51g
23,000
Class
B
7812 79
No par
784 781i 784 79
334 Apr 10
6 Jan 13
4 May 1014 Jan
78
7812 73
7812 3,200 Preferred
111 113 109 111
100 73 Apr 10 9612 Jan 20
109 11012 10834 110
72 Apr 9784 Nov
11014 112
26,200 Continental Can, Inc_No par 8014 Jan 10 11474 Apr
125 1263 12612 12612 12612 1261 12512
16
4834
Apr 8678 Dee
12512
*12512
1261*
250 Preferred
91
9334 92 931g 911: 921
100 123 Jan 5 128 Mar 26 120 Jan 126 June
911s 9178 9014 9172 20,800
Continental Ins temp ctfs_.10 75 Feb 15
1238 i3ls 1338 147
1484 14
14
9334May 7
7412 Dec 9334 Dec
1412 14
1414
308,900
Continen
tal
78 80
Motors_ __No par 10 Mar 13 1478Nlay 8
7734 791s 715 783
8% Noy 1334 Jan
7712 7918 7918 8038
145 146 *14412 145
145 1481 145 145 *145 1457 20,800 Corn Product' Refining____25 6438 Jan 3 827s Apr 13
4678 Jan 68 Nov
900 Preferred
170 l7i7s 16514 1697s 165 167
100 1381: Jan 16 14634 Apr 10 128 Jan 14214 Dec
18712 16978 1897 17434 7.000
Cotr, Inc
8713 88% 8612 871
No par 123 Jan 3 17778May 2
8638 8638 8612 884 8712 874
56 Jan 123 Dec
4.200 Crucible Steel o: America_100 8338 Feb 18
117 117
117 117 11718 ll7ls 11712 120
93 Feb 7
7613 Oct9684 Mar
121 121
800 Preferred
24 241
100 112'zMarl6 121 May 11 103 Jan 115 Sept
2538 28o 274 2838 26c34 271s 2714 2878
26,900 Cuba Co
7
738
No par 22 Apr 4 2878May 8
714 738
7% 71
184 Aug 8414 Jan
74 714
7
714 1.900
Cane Sugar
29
3038 2812 30
518 Feb 16
No par
27
28
712May 12
478 Oct 104 Jan
2712 2834 2814 2878 15,700 Cuba
Preferred
2112 2184 213 22
100
24
2112 217
Feb
8
18
323
Jan
12
283
2118 2112 21
8 Nov504 Jan
2118 5,000 Cuban-American Sugar
810234 1041 810234 103 •10313 1041 10312 10312
10 194 Feb 18 234 Jan 3 1878 Nov284 Jam
*10234 10412
100
Preferred
*1012 111 *10% 11
100 10112 Feb 16 108 Feb 1
*1012 111 .1012 1112 *1012 11
Nov107 Aug
9712
12
CubanDom'canSugnewNo par
1012 Mar 9 12 Jan 4
104 Nov 18 Jan
6712 6884 6612 67
67 68
6714 677s 6772 6872 14.900 Cudahy
Packing new
10914 125
125 1341 1241g 1361 12034 13838
50
54
Jan
3
7238
14
Feb
4312
Apr 584 Sept.
13812 14578 198,700 Curtis Aer
*143--- 143 143 *142
& Mot Co--No par 5314 Feb 27 1457bNlay 11
___ *143
4518 Nov 6934 Dec
___ *143 ____
300 Preferred
180 113312 8182 185 *180 1-85 *180 185
100 11734 Jan 5 1431g Apr 18 111 Nov 118 Dec
*180 185
200 Cushman's Sons
120 120
117 120 *120 123 *1204 123
No
par 14434 Jan 13 18414 Apr 26 103 Apr 152 Oct
1143* 114%
170 Cushman's Sons Prof (7)__100 114 Jan 11
53 531
: 53
53 *51
125 Jan 20 107 Apr 125 Dec
63
504 51
514 514 1,100 Cuyamel Fruit
53
No par 5014May 10 5534 Jan 20
5434 50
53
49
5134 51
53
30 Apr 5512 Oct
51
5238
26,700
Davison
Chemical
125 126
125 12578 125 125
v t e_No par 341 Feb 18 5638May 1
125 125
2814 Apr 484 Dec
1254
126
420
Deere & Co pre:
189 19114 191 191
19112 19212 191 19112 192 192
100 1154 Feb I 126 Apr 11 10512 Jan 12512 Nov
1,100
Detroit
Edison
8
7
100
1664
52
53
53
Jan 11 19484 Feb 3 13312 Jan 1704 Dee
54
647g 55 *5212 5434 *52
55
MOO Devoe & Reynolds A__No par
*11312 11478 11412 1147g 1147 115 '115._ - 115 115
40 Jan 3 61 Apr 16
361: Aug 4278 Dec
240 1st preferred
14912 15212 15114 15312 1511g 152
100 108 Jan 9 11534 Jan 18 101 Jan 1141: Dec
151 15i 15112 15353 1.110 Dlamond
Match
187
18
18
8
1834 1914
1838 Hr
100 1344 Jan 18 161 Feb 2 116 Feb 1474 Sept
1838 18
1811 59,500 Dodge Bros Class A
70
70% 6912 7012 6914 6958 69
6912 62
1814 Oct 274
6914 10.900 Preferred certif ____No par 17 Feb 18 244 Jan 4
No par 68% Feb 18 757g Jan 4 581: Oct 85 Jan
938 978
912 Ps
9's 938
21s Chi
812 91
! 8.500 Dome Mines. Ltd
Feb
64 6434 6412 6412 64
No par
812 Apr 23 134 Jan 6
6484 6238 6238 63
7 June 1414 Dec
6311 2,800 Dunhill Internat
10512 10512 10512 10512 10533 105% 1054 1054 10513
ional_No pa
5512 Jan 9 76 Mar 29
49 Aug 8218 Oct
10513
700
Duqueen
e
1st
Light
prof_
_100
10434
183% 18478 18234 135
182 18312 18214 18234 182 183
9,200 Eastman Kodak Co.,__ _No pa 163 Apr 12 11612 Mar 3 11414 Mar 11738 Nov
Feb 20 185 May 4 12614 Jan 17614
•130
_ •130
*130
... _. _
Sept
Preferred
3638 -37 •13
10 125 Mar 7
0__
3578 -364
354-3614 3514 -Apr 3 11914 Jan 18112 Oat
35-7- 3518 -3558 14,600 Eaton
Axle & Spring___No par 26 Jan 11 134
396 40034 395 398 391 397 38912 3943 392 395
373* Apr 19
2114 Oct 2934 June
8,000 ElduPongdeNemnew_No par 310
Jan 10 40034May 7 168 Jan 3437
12014 12014 '12012 12112 12012 12114 *12034 1211 12012 12034 1,900
6% non-vot deb
8 Gm
100 115 Mar 9 12112May 8 1054 Feb
118 D•Bid and imbed Mow no 11115 On MS Gay. U Nz-dIvid
end. I Ex-right& b Cc-warrant".
Saturday,
May 5.
New York Stock Record-Continued-Page 4
2934
fourth page preceding
For sales during the week of stocks not recorded here, see
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
t Saturday,
May 5.
3 Per share
Stock
1,
'Exchange
\
Closed.
Extra
Holiday.
Monday,
May 7.
Tuesday,
May 8.
Wednesday, Thursday,
May 10.
May 9.
Friday,
May 11.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1.
On basis of 100-shareiots
Highest
Lowest
PER SHARE
Range for Prestos.
Year 1927
Lowest
Ilighesi
$ per share $ per share $ per share
Indus. & Mlacel.(Con.) Par $ per share
164 Feb
$ per share $ per share $ per share $ per share $ per share Shares
1014 Nov
25 1212 Jan 3 23 Apr 12
2,800 Elsenlohr & Bros
19
19
1734 19
19
204 2012 1912 2012 19
8313 Jan 102 Dee
219 May 10
3
Jan
98
No
par
Electric
Autolite
56,800
210
21612
219
Aug
19534 20934 20112 21134 201 21434 21134
224
Mar
1312
19
Apr
8
185
2
Mar
1218
par
No
1432 1472 28,800 Electric Boat
1432 15
1532 1434 1514
15
1512 16
1613 Jan 3238 Dec
No par 2834 Jan 10 4478May 8
424 4358 425 4314 4318 4434 73,700 Electric Pow & Lt
4234 4414 4318 447
Jan 109 Nov
96
8
Mar
,
1101
10
Jan
par
10613
No
Preferred
2,200
10912 11018 *10914 10934 10912 10978
10914 1104 10914 HO
3738 Jan
534 Nov
1712 Mal 19
Electric Refrigeration ...No par 114 Feb 6
_
8314 May 7912 Jan
Elea Storage Battery No par 69 Feb 20 83% Apr 10
8138 8214 8118 8112 7958 8078 794 8018 8018 8138 20,400
1553 May
7
Dec
1
Jan
9
17
Apr
64
par
Coal
Corp___No
Horn
600 Elk
812 812
8
8
*658 8
*653 8
Oct 13 Apr
3
*613 8
514 Feb21 1458 Apr 27
710 Emerson-Brant Class A.No par
1114 1114
4 1114
1
1112 1112 *1012 1112 1012 1114 *10/
July 374 Mar
30
1
Mar
33
2
Apr
par
3014
No
Corp
Emporium
10
*3012 31
*3012 31
4 Jan 8114 Deo
1
64/
394 304 3012 3012 .3012 32
50 7534 Jan 10 85 Apr 17
8272 8314 8272 8312 3,600 Endicott-Johnson Corp.__ 100 12114 Jan 27 125 Apr 12 116/
8234 8332 8312 8332 8272 83
4 Jan 125 Sept
1
700 Preferred
12412 12412 12412 12412 *12432 130 *12412 1307 *12412 130
4 Jan 3958 001
213
7
18
4614May
Feb
33
par
Public
SeryNo
Engineers
30,900
4318 44
4512 4318 4414 4234 43
454 4614 44
4 Dee
1
4 Jan 108/
1
/
93
18
No par 107 Jan 2* 11034 Apr
Preferred
11034 11034 11034 11034 11034 11034 *11034 11072 11034 11034 1,000 Erie Steam Shovel
2434 Jan 357 Dec
4 Jan 23
1
5 334 Feb 20 38/
9312
Dee
Sept
8418
4
8May
1177
7
Jan
par
9018
Bldg__No
Office
700 Equitable
116 116
1i6- 116
11672 1-1672 I-1T ifirs ii.13- 116
50 Aug 777 Nov
5,800 Eureka Vacuum Clean_No par 89 Feb 20 79 Jan 3
7512 76
76
74
74
7534 74
7512 75
Dee
75
23
Jan
1518
7
8May
227
Jan
20
30
par
Corp_No
Buffet
Exchange
1,600
2112 2112
22
2234 2272 2112 2212 2112 2112 *21
3014 Nov 434May
No par 3213 Jan 5 54 Apr 19
4618 467o 4513 4618 5,900 Fairbanks Morse
467 477
4714 48
464 50
Ma
112
Da2
4
107
100 104 Jan 9 11212May
50 Preferred
10812 11012
•10952 11134 11134 11134 11012 11012 *110 114
92 July 11534 Deo
4 Jan 16 131 May 7
/
Famous Players-Lasky_No par 1111
12712 12834 12738 12858 12714 12978 12818 12958 35,500 Federal Light & Tree
4 131
1
128/
374 Jan 47 May
4May 2
1
15 42 Jan 10 56/
5412 5434 5412 5412 6.600
55
5512 54
55
56
56
9113 Feb 100 Aug
No par 98 Jan 6 109 Apr 19
Preferred
100
10734
*10712
4
*10712
1073
1087 10878 10734 10734 *10712 10734
Feb 187 June
80
17
7
Apr
140
Feb
120
Smelt)2.100
&
Mining
Federal
100
125 125
•120 130 •120 12934 *118 130 .12018 130
754 Jan 97 Mar
4 Jan 3 97 May 10
/
100 911
800 Preferred
97
*96
9512 9512 9612 97
96
9612 96
*95
17 Dec 307 Jan
Mar 21 2578May 8
1712
par
Truck__No
Motor
Federal
30,700
24
2312
22
2513 2418 258 2312 2432 2312 24
5,800 Fidel Phan Fire Ins N new 10 89 Apr 26 9172 Apr 27
9038 91
9014 91
9118 9173 9018 9112 9018 91
1-4-7s May
-1-0" Nov
1114 Jan 9 1514May 10
No par
1,240 Fifth Ave Bug
1472 1514
1514
13
13
1312 13
1372 *13
*13
30 Feb
1914 May
No par 28 Apr 4 337k Feb 14
First Nat'l Stores
14,600
3212 3272
32
3234 32
3332 32
3212 3312 32
Apr
Oct
4
20
1434
Jan
174
14
Mar
1412
No par
1514 12,400 Fisk Rubber
1513 1534 1512 1512 15
1558 16
1558 1614
Jan 100 Sept
81
200 1st preferred stamped.....100 82 Mar 1 914 Jan 10
8212 8212 *8212 86
83
83
86
•83
*8212 86
102
Sept
July
944
5
9734
Jan
28
Apr
90
100
cony
preferred
1st
92
*90
92
*90
92
*90
92
*90
92
*90
4 Deo
/
464 Feb 711
7633 Apr 14
7358 7412 42,900 Fleischman Co new____No par 66 Feb 20
7614 7414 754 7334 7478 7358 74
75
35 Nov 884 Apr
No par 42 Mar 5 53 Apr 18
500 Foundation Co
47
4612 *46
46
4712 4712 4634 4634 *4514 46
Dec
854
June
50
8814
24
Jan
15
Mar
7613
par
No
8634 8512 8572 8434 8632 70,300 Fax Film Class A
8472 85
8232 8312 83
3414 Jan 10612 Dee
No par 6553 Feb 20 10914 Jan 11
Freeport Texas Co
7234 7432 6832 7234 7012 7332 7234 74 105,300
7212 75
8
23
1097
Apr
17
Mar
10318
par
No
pref
prior
Co
Fuller
200
10812 10812 *10814 10812'108 109 *10712 10812 108 108
15 Mar 23 2812 Jan 5 -22 -Dec 19 - Aug
No par
1712 4,000 Gabriel Snubber A
1712 174 1714 1712 17
1338 1758 18
18
1512 Dec
812 Jan
1158 Jan 17 1634 Feb 2
No par
1312 1312 5,500 Gardner Motor
131 1
1312 1412 1312 1332 13
1414
14
48
Jan 845* Dec
8 Feb 20 75 Apr 18
607
par
No
Car
74% 12,600 Gen Amer Tank
74% 74
7214 7312 725* 7412 74
73
73
4 Mar 11212 Sept
1
100 110 Jan 9 11112 Apr 10 106/
Preferred
200
11112
11112
111
111
*111 112 *111 112 *111 112
4 Mar
1
05 Aug 96/
100 7114 Feb 20 947 Apr 30
90% 41,200 General Asphalt
884 907a 89
8814 9014 884 89% 8713 89
100 114 Feb 20 14112 Apr30 10714 Aug 144% Mar
500 Preferred
135 135
13414 13534 •132 135 0132 138
Oct
1184
10
142
140
May
Apr
135 135
20 General Baking pref___No par 134 Jan 26
__ 142 142 *142_
___ *142
141 141 *141
No par 21 Feb 4 3512 Apr 28
3114 -3214 8,600 General Cable
32
30
2872 29
2834 28 29
6213
5512
Des
Dec
20
Mar
23
80%
9
Feb
56
par
No
7672 7612 7832 28,300 Class A
7434 x74
74
Jan 744 Deo
62
7334 7438 7312 75
8,100 General cigar, Inc new_No par 67 Jan 19 753* Feb 2
68
6738 67
6734 6718 6712 67
Jan 136 Sept
6773 67
67
100 121 May 8 130 Apr 27 116
60 Preferred (7)
512112 128
128
*12112
12113
121
121
121
5453 Apr 597k Nov
129
•121
Outdoor Adv A___No par 55 May 7 587s Jan 3
Gen
3,400
5512
5512
58
5512
37
Jan 5878 Nov
7
Jan
30
523*
Apr
8
5518 5534 5534 567
385
55
par
55
certificateeNo
Trust
18,300
7
4414 45
44
44
4512 4418 45
Jan 14653 Sept
44
81
4313 44
par 124 Feb 27 17412 Apr 16
16712 16978 169 1713t 229,700 General Electric New-_No
16734 171
11 June 1152 Jan
1114 Jan 23 1134May 2
16714 16854 169 174
special____10
Electric
General
6,800
1112
1112
8
1112 1112 1112 115
34
Apr
4838
30
4713 Feb
Apr
18
1112 1154 1152 1134
Jan
3514
par
No
A
Elec
dr
Gag
General
2,900
4612 467
4712 4514 46% 463* 467
Jan 11018 Oct
4738 47
47
100 Oen Gas& Elea of A (7) No par 10813 Jan 4 118 May 10 100
118 118 *120 130
22 144 Apr 18 11314 Mar 12339 Nov
Mar
12214
*118 130 *118 130 *118 130
par
No
(8)
A
Preferred
100
142
96
Jan 10518 Deo
140 140 *135 145 *135 145 *135 144 *135 1141 4
No par 1051: Jan 17 11434Itlay 9
1,500 Preferred B (7)
11414
Oot
11412 11412 11414 11414 114 11434 011312 114
General Motors Corp new. _25 130 Jan 10 210 May 7 11314 Aug 141
2011s 20412 20112 20414 20212 20514 696,700
Mar
12
Apr
20312 208
11812
12712
12534 Dec
26
Jan
20812 210
12312
100
preferred
7%
2 12612 3,400
8218 Jan 15314 Sept
1264 1264 12614 12612 12614 12634 126 12612 1263 94
Gen Ry Signal new __No par 8618 Apr 23 12358 Jan 3
17,400
8
905
92
0012
9118
8
38
Jan 81
Dot
58 May 8 82 Jan 3
9078 0238 8912 9112 885
5934 5814 5913 9,700 General Refractories___No par 9812 Jan 16 11218 Apr 13
6014 59
6012 58
9554 Nov 10912 Oct
8112 8414 58
18,500 Gillette Safety Raior__No par
3513 Dec 59 Sept
10912 11018 10918 11034 10812 10939 10812 10914 10818 109
No par 344 Mar 6 494 Apr 17
Bros
Gimbel
5,300
4512
2
443
2
443
2
443
4572
91 Nov 10813 July
4612 4634 4514 4612 45
100 87 Mar 6 98 Jan 12
1,200 Preferred
9634 97
4 9634 97
1
4 96/
1
96/
144 May 22 Mar
9834 9634 *9654 97
NO par 2038 Jan 27 2534 Apr 25
2334 2372 10,200 Glidden Co
2334 2414 2332 24
2412 2412 2334 24
86 Aug 101 June
95 Jan 4 10114 Apr 13
100
preferred
Prior
.510
1004
4
1003
10014 10034 10012 10034 10012 10012'10012 10072
42 Mar 7834 Deo
71 Jan 16 10538 Feb 15
914 9114 927g 16,600 Gold Dust Corp v I e---No par
90
9018 91
4234 Jan 9612 Dec
9012 9214 9034 92
993 Jan 4
9111 73,000 Goodrich Co (B F)..---No par 7814 Mar 7 1153
90
x8712 90
91
89
9252 9114 93
96
2May 1
91
Jan 11113 Deo
100 10912 Feb 17
Preferred
400
115
115
115
115
4838 Aug 6938 Dec
115 115 *115 US's *114 115
Vo par 5018 Mar 15 7212 Jan 4
5234 5312 5312 547 17,400 Goodyear T & Rub
9212 Nov 987 Dee
5413 5512 5418 5434 524 54
No par 9213 Mar 16 9913 Jan 13
1st pref
3,300
8
7
955
9512
95
9514
7
5738 Jan 8558 Dec
9539 9534 9518 9534 9514 953*
9,500 Gotham Silk Hosiery No par 78 Jan 4 93 Apr 14
90
4 9058 8932 9034 894 9018 89
1
9013 89/
58
90
Jan 854 Deo
No par 7813 Jan 5 03 Apr 14
4 4,000 New
1
4 89/
1
897 9034 8939 9018 8914 8911 88/
8964 90
Jan 122 Sept
100 11558 Jan 16 130 Apr 12 104
New
Preferred
200
8
1255
1258
12534
126 126 •123 126 *123 128 *123
3 112 May 7
Jan
109
_100
ex-warrants_
Preferred
50
11014 11014
11012 11012 *11014 112
112 112 *11012 112
2
i
Feb
8
Oct -1-1-1125
18
4 KC);
Apr
4
3
7
No par
600 Gould Coupler A
114
1014 *11
*10
9% 10
1112
1013 *10
10
1654 Feb 18 397 Apr 12
Motors.No par
3614 3432 3512 3332 3472 3412 3534 40,000 Graham-Palge
3618 3672 35
11
-12
31
18
Feb
5432:slay
41:6Jan
394
Pr_100
&
Sm
M
73,500 Granby Cons
4914 5014 5014 5114 5014 5114 5014 5234 5213 5438 71,000 Great WesternSugarnewNo par 31 Jan 26 38 Jan 7
354 Dec 4452 Sept
37
3612 3714 36
3532 3512 3732 3652 38
34
100 11212 Feb 20 120 Jan 3 11613 Feb 123 Sept
310 Preferred
11734 11734 11734 118
117 11754 1174 118 *11734 118
4
2914 Jan 15112 Dec
Jan
18
Feb
16412
113
100
27,700 Greene Cananea Copper
119 126
118 119
11812 12212 11812 12012 11612 119
7
Oct 114 May
7 Feb 23
95* Jan 4
300 Guantanamo Sugar___ _No par
712 712 *74 8
*758 8
8
7k Jan 106 Dec
8
712 712
Jan
7
107
95
18
Apr
103
100
Preferred
*95 10538 *95 1055 *95 1058 *95 10532 *95 10538 5,800 Gulf States Steel
40
Oct 64 Feb
100 51 Jan 9 684May 10
68
2
663
6872
2
663
8
677
6712
6714
6638 6714 6612
22 Aug 27 July
25 23 Jan 5 30 Jan 31
610 Hackensack Water
2478 25
2478 25
25
25
*2434 25
2434 25
56
Jan
7934 Jan 19
725* Dee
160 Hanna let prof class A__100 6158May 11
8
627
6158
63
*6112
4
1
/
63
63
63
63
63
63
224 Oct 271
4 Mat
/
200 Hartman Corp class A_No par 24 Jan 5 275* Feb 3
2678
2678 *26
*26
27
*26
26
267 268 26
27
1812
Jan
Dec
257
2
4
Jan
1914
par
No
95* Apr
B
Class
2112 2,300
2138 2132 2112 2132 2112 2112 21
2118 22
7612 Jan 126 001
25 112 Jan 17 11812 Feb 20
Helms(0 W)
114
*11212
114
*11212
114
*11213
114
*11212
.11212 114
4 Jan 130 July
/
100 121 Jan 3 132 May 3 1181
Preferred
_ •132
.•132
_ .*132
132_ *132
3472 Dec 4014 Deo
Jan 31 84 Apr 26
5934 6,900 Hershey Chocolate.. __No par 3034 Feb
5912 -6-678 59,4 -59,4 58
61 -6i
61 -62
7014 Dec 7512 Dee
6 82 Apr 16
No par 7014
7
3,200 Preferred
80
7912
79
4
793
4
793
7014
794
798
7934 8014
99% Dec 103 De°
100 10112 Jan 3 105 Apr 14
900 Prior preferred
4 104
•10414 10432 10414 10414 104 104 *10334 10412'31033
22
Jan 6172 July
No par 20 Apr 18 30% Jan 20
700 Hoe(R)& Co
*2212 2312 2212 2212 2214 2214
22
3114 June 4034 Oct
2152 2132 22
No par 2912 Jan 10 3678 Apr 13
& Son (A)
Hollander
1,700
3318
33
34
33
3314
3314
75
60
4
Oct
334 3334 3312 34
Jan
75
11
Jan
100
Apr
67
Mining
Homestake
100
73
*71
73
72 .71
72
73
*71
434 Jan 7052 Nov
*7112 73
5,800 Househ Prod.lne.tem etfNopar 644 Feb 21 6912 Jan 28
4 69
1
6812 68/
67
6018 Jan 175
Oct
874 68,4 6818 68711 684 68'2 139
Tex tern ctfs100 127 Feb 27 161 Apr 9
of
011
Houston
9,200
14858
4
1423
4
1403
3434 July 4818 Deo
14614 14714 14552 14712 14012 14514 59
No par 4058 Feb 18 6038May 11
5912 60% 46,200 Howe Sound
60
598
4814 Jan 9112 Aug
5614 5714 5614 5634 56
Hudson Motor Car_ _ No par 75 Jan Ill 9973 Mar 16
121,000
91
4
893
4
893
8734
91
89
Oct 3614 Dec
16
10 29 Jan 16 61 Mar 26
8958 9314 8812 91
5412 5534 5512 5634 137.900 Hupp Motor Car Corp
4 56
/
5713 541
664 5712 55
1758 May 3234 Feb
30
4 2914 16,200 Independent 011 & Gas.No par 2134 Feb 20 317 Apr
1
2778 2878 28/
13 Mar 47 Dee
2833 2914 2734 2812 2712 28,2 *64
par 3812 Feb 14 70 Apr 27
No
Motoaycle
Indian
700
65
6412
65
65
85
65
*64
65
92
65
Jan 10234 Dec
100 1004 Jan 3 115 Apr 12
Preferred
119 *11478 119
7l May
•11478 119 *11478 119 *1144 119 *1144 1672
1212 Sept
10
9 Feb 18
1913 Apr 30
1634 1772 26,600 Indian Refining
16
1614 17
1814 18
12 Sept
1752 18
June
714
1812
30
10
812
Apr
16
Jan
Certificates
20,000
17
2
157
16
1712 1794 1612 1732 1532 1614 1578 12812 *125 12812
99
lot 112 Mar
100 101 Jan 4 127 May 4
500 Preferred
*125
126
*12518
125
125
126 126
8718 Nov 9612 Apr
Ingersoll Rand new____No par 90 Feb 18 98 Apr 19
500
9714
9714
9714
*96
9712 0778 *9614 9712
98
*97
41 Feb
r123a Dee
No par 46 Mar 3 63 Jan 3
7,200 Inland Steel
5578 5518 56
55
001
Jan 118
5514 564 5553 5614 5514 5534 ____ ____
100 11512 Jan 8 118 Feb 18 111
Preferred
Jon
254
10,500
inspiration
1212June
18
25
Cons
24
10
Feb
4
Apr
223
Copper...20
2218
2232
4 2114
-iIis 22-1-2 -2-i5.4 12-18 -ilia -21325 Nov
11 Nov
4 Jan 4
/
Rubber____No par 1134 Apr 12 211
1338 1312 1338 1358 1318 1358 7,900 Interconi'l
ivs 1334 1312 14
1638
Dec
64 Apr
13 Feb 24 20 Apr 27
No par
1714 1758 165s 17I 2,800 Internet Agricul
17
1738 17
17
1714 1778
100 4858 Mar 26 79 Apr 26 83 Mar 664 May
1,100 Prior preferred
*6714 69
71
70
72
*68
70
7214 7372 70
4,700 Int Business Machinea_No par 114 Jan 16 1474 Feb 3 534 Jan 1193 DO
129 129
12912
4
1283
130
2
1293
13112
13018
4 132
/
1301
7438May 9 4514 Jan t154 May
56 Jan
7278 27,700 International Cement__No par
4 7333 7438 7214 7338 7212
/
7132 7112 731
71
Oct 113 Dec
100 10812 Jan 4 11073 Apr 26 100
200 Preferred
11012 11012 11012 11012 .11012 111 *11012 111 610,000 Inter Comb Eng CorpNo par 4514 Feb 20 65 May 8 4018 Oct 84 Mar
*11012 111
63
4
603
4
623
6014
617
59
s
6158 65
61
53
Oct 10514 Deo
100
May
101
21
103
10
Mar
106
1,000
Preferred
10412
10412
106 106
105 10512 105 105
Dee
4 105
/
1041
253 25612 5,000 International Harvester...100 22454 Feb 18 280 Mar 31 13638 Jan 2554
231 25212 28014 253
255 255
25512 258
12634 Jan 139 Deo
1
100
1
May
13614
Preferred
Mar
147
400
14514
*145
145
145
145 145
May
Oct
84
312
9
*14458 14534 145 145
26
lot
3346,1ar
2May
Mercantile
73
97,400
Marine...AO°
678
512
612 714
512 738
538
518
43* 518
100 3414 Feb 20 4452 Jan 17 3213 Oct 555* Mal
4432 4212 4332 71,000 Preferred
4412 42
413s 4212 4212 4312 4212
11312 11739 108,500 International Match Prof- -35 9312 Jan 3 120 Mar 18 62 Mar 9612 Doe
11134 114
4 Jan 8912 Dee
1
113 11412 11334 11534 11112 11412 90
Internationa
Nickel
4 Jan 27 38/
/
(The)_25 734 Feb 24 991
9114 9114 9412 177.100
9534 9012 02
9113 9553 91
8334 120,000 International Paper___No par 6718 Jan 16 8334May 11 4394 May 814 Not
78
7614 7734 7612 79
July 104 Dee
784 7912 774 79
8514
12
Apr
(6%)
1
100
Preferred
Apr
107
100
20
4 *100 10634
1
.100 106/
100 1035 Feb 24 108 Jan 14 964 Jan 11253 Deo
100 100 *100 10634 10012 10012
8 10714 10712 10714 10738 7.200 Preferred (7%)
12 83 Sept 75 Dipo
Jan
4912
28
4
883
Mar
1074 10738 10714 10714 10714 1073
100
Salt
International
890
68
64
60
59
59
58
59
58
100 148 May 7 196 Jan 24 1354 Mar 19$ Nov
200 InternationalS leer
5711 58
156 156
*151 156
Oct
148 148 *149 156 *151 156 *128 129
100 125 Mar 22 131 Jan 27 109 Mar 128
50 Preferred
128 128
128 128
*128 129 *128 129
Internal
dk
54,600
Tahiti
100 1394 Feb 20 18512May 8 12214 Jan 1684 Seed1
Telog
4 178s 185
1793
17718
181
17814
4 18013 18512
1
181 184/
Ex4l18108nd. •Ex-Oguss.
• lila arta sated mime: no Wei on Vila day. s
2935
New York Stock Record-Continued-Page 5
For sales during the week of stocks not recorded here, see fifth page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
May 5.
Monday,
May 7.
I
Tuesday,
Wednesday, Thursday,
May 10.
May 8. I May 9.
Friday,
May 11.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1.
On Oasts of 100-2barelots
Lowest
Higbee(
Plill SHARI
gases for Prestos..
Year 1927
...
Lowest
Hloarwe
$ per stare 5 per sitars 5 per .kiss.
3819 Jan 20
19% Jan 39% June
5934May 11
6812 Mar 67 Sent
11334May 11
531 Jan 86 Dee
124% 'Pr 11 11112 July 12512 Mar
134 Mry 1.1
12414May 7 III- Feb iii- -Oct
4034 Jan 10
1038 Jan 3438 Dee
1258 July
143 Jan 3
22% Jan
114 Apr 26
7612 Mar 30
49 - -Ali 113
;-15;5;
,Jan 3
9% Jan 321 Noy
278
35 Feb 102 Sept
84 Jan 6
44
Jan 9711 Sept
SO Jan 26
19
Oct 27 July
337 Apr 20
11018 Jan 5 103 July 110 Dee
60 Feb 901 Dee
8938May 2
404 June 45
Jan
52 Jan 19
100 Apr 11
56 June 93 Dee
74 Jan 9
49 June 6278 Feb
4572 Jan 7714 Sept,
6053 Feb 24 75 Mar 29
11258 Apr 11 118 Apr 27 11078 Feb 118 July
10 June 18 Deo
• 1312 Jan 18 271* Feb 29
80
Jan
45 Nov
5l3 Feb 1 7238May 11
87 Feb 20 114% Mar 29
59
Jan 10512 Sept7314 Mar 27 9114May 11
200 Jan 10 260 Feb 2 1/3-3-4 -.ie.;
96
Jan 130 Ma)
100 Jan 6 124h Jan 26
275 Feb 20 3918 Apr 17
2012 Jan
3734 Nov
66
Jan 88% Oct
7912 Jan 10 12172May 9
I812 Dee
7
Jan
1714 Jan 3 2412May 1
82% Apr 43 Nov
38 Jan 17 5334 Apr 12
2014 Rein 3414 Dee
3018 Apr 23 36 ,, Feb 7
94 May 2 12211 Jan 3 •8712 Feb 128 Sept.
933*May 2 123% Jan 3 08632 Feb 128
Oct
1 147 Apr 11 12458 Jan 140 Dec
13514 Jan 30
Oct 76% AP,
49
6514 Jan 3
53 Mar 1
6312 Feb 20 777 Jan 13
4.5% Sent 7838 Dee
487 Jan 637 Mar
57 Jan 10 77 May 9
75 Jan
Oct
534 Feb 9
8 May 2
5
26 Jan 3 35% Fe
-3 25h Dec 63 Mar
4918 Jan 1
59 Apr 26 s35% July 571 Dee
Jan 123 Ni v.
11912 Mar 21 125 May 9 118
2312 May 4282 July
3112May 3 465* Apr 19
105 May 10 114 Mar 13 107 June 1181k Jan
91 Feb 21
10
Oct 12 Aug
192* Apr 30
8514 Dec 97 Feb
80 Feb 21 06 Apr 30
28 Feb 7 375 Apr 25
233* Jan 3012 Dee
20
Oct 3314 Mar
9558 Jan 11 6012May 8
43 Nov 5814 Dee
46 Jan 6 571* Apr 14
10812 Mar 2 134 Mar 20 105 June 134 Aug
67 Aug 76 Ars
6814 Jan 13 84 Mar 19
83 Apr 17 10778 Jan 3
8814 Jan 11834 May
Jan 24312 Nov
235 Jan 10 350 Apr 11 124
2214 Jan 9 34 May 7
2011 Aug 2852 003
2912 Feb 6834 Dee
433 Feb 27 5612 Jan 4
16 Jan 20 2878 Apr 12
1112 Apr 2034 Dec
8718 Jan 30 10178 Mai 15
6634 July 95 Dec
3412 Feb 10 41 Jan 14
27 Nov 48 Feb
65 Mar 22 88 Jan 17
48
Oct 8034 Doe
3918 Dec 4934 Aug
36 Mar 2 4011 Jan 24
150 Jan 11 61 Mar 17
43
Oct132 Aug
3134 Feb 18 4238 Apr 16
2458 Jan 3534 Dec
1212 Feb 20 2512 Apr 28
12
Oct 2238 Jan
33 Feb 17 4412 Apr 17
31 June 58h Jan
4514 Mar 6 5778 Apr 18
27
Jan 55% Nov
1634 17
1218 Mar 12 1938 Apr 20 I 151 Dec 2434 Feb
1678 17
17
17
1612 165* 1,600 Martin-Parry Corp__ No pa
1634 17
12812 12938 128 12834 12612 128
82 Jan 13238 Dec
12614 12714 12614 12758 4,500 Mathleson Alkali WorkeNo pa 119 Feb 20 13778 Apr 12
126 126 .126 12712 *126 12712 *126 12712.126 12712
100 115 Jan 12 130 Apr 27 103
10 Preferred
Jan 120 Dec
2
78 Feb 17 8538 Jan 3
7912 80
7912 807g 7913 80
80
8014 7934 80% 5,300 May Dept Stores new
6634 June 90% Nov
No pa
38
3812 38
30 Mar 12 4014 Apr 25
3838 38
38
38
3838 17,000 Maytag Co
23112 Jan 3514 Dee
3818 38
No pa
56 Feb 3 6978 Apr 19
6512 66
65
65
65
1,000 McCall Corp
64
*6312 6434 65
65
77 Feb 18 90 Apr 28 ii- 11,-1ii Id- -net;
8814 8834 88
370 McCrory Stores class A.No pa
87
88% 8712 8713 8713 8712 87
95
95
No pa
8012 Mar 14 9812 Apr 28
9212 9434 92
93
93
9312 92
561 Mar 9634 Dee
93,4 2,010 Class B
•110 11012 110 11012 11012 11012 11014 11014 11012 11012 1.300 Preferred
10 109 Feb 8 111 Jan 10
97 Mar 110% Sept
*2514 2612 2512 2512 *2512 27
2538May 2 2812 Mar 16
2512 2534 2618 2618
600 McIntyre Porcupine Mines_ _
2411 Mar 2834 Oat
26
2612 26
26
26
26
26
26
.2618 2612 1,500 Metro-Goldwyn Pictures 91_27 2518 Jan 6 2" Feb 9
2438 Jan 2614 Feb
32
3314 31
3338 3214 3312 33,2 3714 150,500 Mexican Seaboard 011-No Par
4% Jan 19 3714May 11
33
30
3 Aug
914 Feb
19
1914 19
19
4,900 Miami Copper
198 1914 1914
5 1734 Jan 6 1978 Apr 101
1318 June 2034 Dec
195* 19
193
3114 3134 3053 3114 3012 32
3118 31% 31
3178 17,300 Mid-Continent Petro_.No par
25'8 Feb 20 3314 Apr 28
2512 Oct 390k Jan
*113 ____ *113
____ *113 120 .11518 120
100 10314 Feb 20 11518May 11
11518 11518
100 Mid-Cont Petrol pref
97 Apr 105 Feb
478 5
10
478 5
5
7
612 738
238 Jan 3
618 04 320,200 Middle States 011 Corp
738May 10
I% Jan
334 June
352 384
312 5'2
39,600 Certificates
412 578
414
5
10
112 Jan 3
11* Jan
358 4
578May 10
2% June
220 228
22212 225
220 220
22014 22212 21814 22112 2,300 Midland Steel Prod pref...100 199 Feb 18 290 Jan 4 106 Apr 315 Dee
1
19
191
19
1914
1878 1912 1914 19%
1912 19 2 1,900 Miller Rubber Otis
No par
1878May 9 27 Jan 3
1712 Nov
3634 Apr
17214 175
17314 175
17214 174
172 17214 17214 17434 5,100 Montana Power
100 1021, Jan 10 175 May 3
8112 Jan 1091k Oct
13734 139
143 14614 143 14514 1445* 154 133,160 Monts Ward at Co Ill oorp_ _10 117 Jar 19 154 May 11
13812 144
503, Feb12318 Dee
1112 181,700 Moon Motors
934 1012
9
10
51 Feb 6 1112May 11
93* 1012
912 10
9
No par
6 Jun
1211 Jan
33* 35*
312 3%
14,700 Mother Lode CosJitIon_No par
312 35*
3,2 3,2
38 4
DI Oct438 Jan.
28 Jan 27
4 May 11
9
9
9
9
19
11 •934 1012 1012 1012 12,500 Motion Picture
No par
5 Mar 29 11 May 9
7112 Sept1638 Mar
1712 1818 1612 17
1614 161 *1638 1612 1638 18
2,400 Motor Meter A
No par
17 Nov
13 Mar 22 2314 Jan 12
3834 Apr
3512 368 35
3578 3512 37
3612 3714 353 36% 13.900 Motor Wheel
No par 2512 Jan 12 377g Apr 23
203* Jan 2772 Mar
8438 87
8414 86
8314 8434 83
845* 8334 8378 5,500 Mullins Nlfg Co
10
Jan 79% Dee
No pa
7258 Feb 17 9414 Apr 13
*109 1101 17109 11012 *109 11013 11034 11034 *11018 1111
10 Preferred
80
Jan 1104 Dee
100 10438 Jan 17 11034 Jan 9
5558 597
5712 5912 5412 57
55
7612 5638 57
11,700 Munsingwear Inc
358* May 53 Nov
No pa
4634 Mar 5 593*Ma: 7
4334 4212 4338 4258 4374 70,200 Murray Body new
42
4258 44'z 4258 44
1614 Oct 43 Feb
No pa
2111 Feb 1 4412May 7
8912 Dug 91
9178 90
9152 9014 9178 9114 9178 87,300 Naah Motors Co
5058 Apr 10172 Dee
No pa
8014 Feb 20 1018, Jan 3
1818 1878 1712 1812 1712 1712 1738 185* 177s 18
5 Feb
712 Oct
15,100 National Acme stamped__ __10
714 Jan 4 1914May 2
311,, Sept 4612 De
8612 90
8414 861
844 897
8518 865* 8518 8578 5,100 Nat Bellas Hess
,
41 Jan 3 95 May 4
NO Pa
110 110
11012 111
10814 1091 10912 10912 11012 1101
8514 Sept97 Am
1,070 Preferred
100 9014 Jan 3 111 May 7
169 17078 16918 17038 16712 16878 16718 16812 1683 1693
2482 Jan 187 Dec
6,700 National Biscuit
2 16214 Jan 19 182 Jan 27
148 148
147 147 17147 148 *147 148
Jan 142 Dec
148 148
300 Preferred
100 13712 Feb 29 150 Apr 11 130
58
5912 58
5834 58
8972 Jan 5158 Dee
5812 595
584 58
583 35,500 Nat Cash Register A w iNo ta
4714 Jan 16 62 Apr 13
828 8334 8112 838 8118 82
8138 8238 818 841 49,500 Nat Dairy Prod
554 May 68% Aug
64h Jan 5 8412May 11
No la
2678 2678 26
2614 28
26
2612 2612 *26
27% May
204 Jun
1,600 Nat Department Stores No Pa
2654
2178 Jan 5 2812May 2
100 101
*9714 99% 100 100
9934 998 9912 991
8912 July 9414 Jan
800 1st preferred
100 91 Jan 10 102 May 2
4038 398 40
4014 4112 40
39% 4238 4218 45
Oct
17 Feb 60
13,700 Nat Distill Prod atfe__ _No pa
3514 Feb 28 5812 Jan 9
0.56
58 .56
58
1756
58
57
58
5912 61
68 Mar 6934 June
900 Preferred temp etre_.No pa
55 Feb 28 7134 Jan 9
3078 3013 31
2818 31
30
3012 3214 3112 334
1918 Apr 3518 June
5,200 Nat Enam & Stamping
100 234 Mar 26 3712 Apr 12
98
98
98 .98 102
98% 98% 98
6918 Apr 9178 July
*98 102
400 Preferred
100 9018 Mar 28 9874May 7
130 130 *12834 130
127 12854 *12712 130 0128 130
400 National Lead
100 123 Mar I 136 Jan 31 695 May 20238 May
*147 14712 *147 14712 *147 14712 .147 150 0147 1471
100 139 Jan 3 147 Mar 29 11312Jun 13934 Dec
Preferred A
*12012
*120
+120 ---- •120
*12012
_
Preferred B
100 11212 Mar 20 12118 Mat 30 10472 June 11558 Dec
35% 36% 3458 3614 3312 35
1914 June 2638 &pi
335* 3514 3458 -3- 12 1-4-5-,800 National Pr & Lt ale_ _No pa
215,, Jan 16 3638May 7
2934 3114 3012 317
2934 3014 2934 30
31% 32% 9,600 National Radiator_.No pa
3634 Nov 391k Nov
29 Ap+ 25 403* Jan 9
83
8314 *82
84
84
83
85
8514 .82
96 Nov 98 Dec
85
2,200 Preferred
No pa
83 May 7 9811 Jan 17
10318 103% 102 103
102 102
004 104
10112 102
76 May 9772 Dee
1,300 National Supply
50 90 Feb 21 110 Apr 19
34214 34934 350 35434 353 359
35412 360
35712 360
4,930 National Surety
100 298 Feb 7 360 May 10 a218 July 373 Dec
27012 27013 268 271
27612 27912 270 274
270 279
Apr 180 Dec
3,700 National Tea Co
No pa 160 Jan 17 27912May 8 108
23% 2232 2318 225 2318 23
23
2312 23
1234 June 2053 Dec
2312 125,700 Nevada Consul Copper_No pa
1734 Jan 18 23581viay 8
453
453
45
4578 4578 4518 4534 45
45
Oct 50 June
4538 2,300iN Y Air Brake
3914
Feb
10
42%
Mar
10
5018
No pa
565
, 5613 563
57
*57
5812 5514 5514 55
59
34 Jac 6532 Nov
2,600'New York Dock
100 52 Feb 18 6414 Jan 4
*8914 92
92
89% 89% *8914 92
8912 90%
*89
7218 Feb 9312 Nov
400 Preferred
100 87 Apr 16 95 Jan 4
104 104% 104 10414 *104 10414 10414 10414
9312 Feb 10212 Oct
104 104
200 N Y Steam pref (6)___ _No pa
9914 Jan 3 105 Apr 13
11434 11434 *11414 11434 •11414 11412 11412 11412 11412 11412
Jan 11412 Oct
60 First preferred (7)___No pa 102 Jan 30 115 Apr 19 105
281s 2814 2814 2814 2814 2814 2814 2814 2814 2814 5,100 Niagara Falls Power pf new-2
2738 Jan 2938 May
2711 Apr 17 2834 Feb 17
77
75
6538 Jan 641, 00
76% 7538 77 103,500,North American Co
7512 7712 76% 7734 75
1
58% Jan 5 7734May 8
55
55
55
50
Jan
56 Aug
548 55
55
5434 54h 54% 55
1,4001 Preferred
50 5314 Jan 3 5518 Apr 26
1034 10334 *103 10334 103% 10334
9658 Jan 105
103% 1.04
7
547%Feb
8 w 10
Oct
50 .,n
15
5 1057
104 104
1.500 No Amer Edison prei_No pa 10
Feb21
54
54
54
.547 .55
54
4738 Jan gg Sept
5518
Jan
•54
5478 54
80 Northwestern Telegraph.._50
51 Feb
3
3
3
3
3
17s June
3
3
3% 3,700'Norwalk Tire & Rubber
•7278 3
4 Jan 3
1
212Mar 15
10
10
1014 1014
834 Dee 13
912 952 *912 10
10
11
2,000 Nunnally Co (The)___ _No pa
Jan
8 Mar 8 11 May 11
5 per share $ per share $ per share $ per share $ per share $ Per share Shares Indus. & Miscall. (Con.) Par
No par
34
3312 3438 3412 368 36
3612 5,300 Intertype Corp
3412 34
*34
1
5712 5712 5812 5734 5934 5,300 Island Creek Coal
5612 5614 5714 57
56
No par
10314 10934 110 11334 31,200 Jewel Tea, Inc
91
9434 9312 10212 103 107
100
Prelerred
*120 124 ,.12112 124 .123 124 .123 124 •123 124
No par
130 13214 73.900 Johns-Manville
12814 12912' 126 12714 12534 1324 12914 134
122 122
12011 122
121 122
370Jones & Laugh Steel pref _100
12414 124141 122 122
31
3114 3114 32
32
900 Jones Bros Tea, Inc___ _No pat
*3134 32121 3118 3134 31
1212 1314 19,300 Jordan Motor Car_ _ _ _ No par
1112 1238' 1112 1238 1034 1112 11 18 127*
610 Kan City P&L lst pf BNo pat
11334 11334 11334 11334 113 11334 .11238 113 .11212 113
73% 10,200 Kayser (J) Coy I a_ __ _No par
7212 7312 7338 7338 73
7214 7312: 7212 73
25
205* 2113 2012 21
20% 22
21
213& 21
22
18,600 Kelly-Springfield Tire
WO
65 .60
66
64
64
200 8% preferred
.65
6712' .65
6712 65
100
69
.64
69
*64
68
61
63
300 6% preferred
*65
69 .65
3214 3278. 3212 3278 3218 3212 32
32% 3232 3212 12,700 Kelsey Elayes Wheel_.No par
100
Preferred
*10512 10914 *10512 10914 .10512 10914 *10512 10914 .10514 10914
No par
8738 88% 8812 8918 52,300 Kennecott Copper
8814 8918. 8738 884 8714 88
No par
*45
.45
4512' *45
4512 45
45 .45
46
46
100 Kinney Co
100
350 Preferred
9618 9614 96% 9834 *9638 98 .0638 98,4 98
98
25
695* 7112 6812 70 ' 67
6834 68,4 70
7018 7112 31,900 Kraft Cheese
10
7114 7178 717 72341 7258 7434 7319 7478 7338 74% 38,600 Kresge (S S) Co new
100
.116
____ *116
____ 116 116 .117
20 Preferred
.117
2212 2434 2234 2438 23
2312 228 2478 24% 2612 15,300 Kresge Dept Stores.. _ _No pa
100
*65
70 .68
70
900 Preferred
69
69
7012 7212 7112 723s
No pa
10114 101141 10034 102
102 1083* 107 10712 10618 10614 2,600 Kress Co new
8312 8514 8312 8514 82% 8458 x8318 84
8312 91,4 107,400 Kroger Grocery & Bkg_No pa
Laclede Gas L (St Louis)-100
*210 240 ,.210 240 .210 240 *210 240 *200 240
*105 10634• 105 105 *106 1064 106 106 .106 10612
100
20 Preferred
3614 3618 3618 3,000 Lago 011 & Transport_No pa
3612 3781 361* 37
3534 3638 36
11512 117781 11678 11838 11734 12178 119 1217g 11718 121
85.300 Lambert Co
No pat
2214 2278 2112 2234 2112 2253 2112 2214 21% 2212 18,000 Lee Rubber & Tire__ No pa
No pa
5134 5214 5134 5212 5112 52
51 12 5134 51% 51% 6,600 Lehn & Fink
No pa
3378 3512 3412 35
3412 3478 3414 3412 11,400 Life Savers
34% 35
10014 10134 102 10234 100 100
10112 103
2,600 Liggett & Myers Tobacao_2
9934 101
2
9934 10112 10018 102
28,800 Series B
981* 10034 9878 9934 98% 100
14614 14614 *14614 14612 *14614 14612 1461 4 14614 .14618 146%
100
300 Preferred
No pa
5912 60
5812 60
61
61
62
61
60
64% 6,300 Lima Loa Wks
7312 7438 7112 7312 7112 7284 7112 7414 72
74% 8,200 Liquid Carbonic oertife_No pa
7414 7534 7414 7514 7514 77
75
763* 7412 7534 77,400 Loew% Incorporated__ _No pa
No pa
718 758
7
7,4 9.900 Loft Incorporated
7% 712
7
714
7
714
*30
33
31
31
34
500 Long Bell Lumber A__.No pa
30% 3012
308 30% .30
5334 55% 5334 5434 524 5514 5212 5312 5318 5434 16,300 Loose-Wiles Biscuit new____25
120 120 *120 12112 12112 125
100
40 1st preferred
12018 12018 •120 12112
2+
33
Stock
3378 3212 3312 328 33
3112 3253 3112 3214 40,100 Lorillard
11,0
107 107
107 107
106 106
600 Preferred
105 105
105 105
17
Exchange
1734 1612 173
, 15
17
1658 1712 1658 1718 44,500 Louisiana Oil temp ctls_Art. par
100
9334 94
9334 933 *82
90
ill
91
120 Preferred
*84
90
Closed.
3614 364 3618 368 3612 363 3618 3634 36% 3634 12,800 Louisville GI & El A__ ..No par
.
. __ _No par
5412 5638 5414 6012 58
561 4 5818 47,900 Ludlum Steel...
602 5638 59
Extra
5412 5534 55
55
1,800 MacAndrews & Fe'nes_No par
5534 5412 55'2 55
55% 55
12214 123
100
12312 12434 124 12434 12212 12418 124 12412 8,050 Mackay Comps-aes
100
7634 7734 775* 78
Holiday.
7712 773
5,700 Preferred
7712 7712 7758 777
No par
8812 8978 8678 8878 8612 8712 865* 88,8 87% 8878 33,300 Mack Trucks, Inc
*303 346 .303 346 .304 346
No par
346 346 .310 349
100 Macy CJ
33% 34
No par
328 333* 3214 328 32'j 3278 3214 3278 17,700 Madita.n Sq Garden
4914 4918 4914 7.700 Magma Copper
4878 5014 4834 4913 4812 49
No par
49
27
28
2638 275* 26
2714 2534 2658 25
26
26,800 Mallinson (II II) & Co_No par
*9612 9734 9612 9734 98
100
98
40 Preferred
9714 9714 *9612 9712
*32
35
100
*3214 35
*3214 35
*3212 3414 *3214 35
Manati Sugar
70
100
70 .68
6934 *68
70
72
100 Preferred
*68
70 .68
*3614 3612 *3614 3612 3614 3614 .36,4 3612 .364 3612
IV o par
100 Mandel Bros
54
.5514 53
5312 543 5612 5514 56
7.800 /slant) Elec Supply ___ _No par
5334 55
25
3934 4178 3912 4138 4018 407
4018 4112 4112 4212 29,600 Manhattan Shirt
1912 2034 19
19
1834 19
1978 20% 2014 21
' 6,900 Maracaibo 011 Ent_..No par
41
4214 3912 4114 39
11
No pa
4034 3912 41
4014 41
51,700,
No pa
5518 5534 5518 5512 5434 55
3,2001Marlin-Rockwell
54% 55
55
55
siBli is. Ube prima so sass an Oda Om, •Ex-d/vIdenth
jRx-tightal
$ per share
31 Jan 17
51 Feb 17
7734 Mar 1
120 Jan 18
11214Mar 8
12034 Jan 4
255* Mar 31
812 Jan 16
1111* Jan 28
6252 Jan 5
15 Feb 17
5514 Feb 17
68 Feb 17
2212 Jan 10
106 Mar 8
SO% Feb 20
3811 Jan 16
8718 Mar 22
5312 Mar 31
$67',June
New York Stock Record-Continued-Page
2936
For sales during the week of stocks not recorded here, see sixth page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
May 5.
Monday,
May 7.
Tuesday,
May 8.
Wednesday. Thursday,
May 10.
May 9.
Friday,
May 11.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
$ per share $ per share
31% 3214
106 106
1234 1338
9312 9572
•73
76
PER SHARI.
Range Since Jan. 1.
On basis of 100-sacrilege
Lowest
Highest
PER SHARE
Lange for Preetom
Year 1927
Lowest
Highest
$ per share 3 Per share $ per share
Per share Shares Indus. & Mises'.(Con.) Par $ per there
$ per share $ per share $ per share
3112 3158 31
4,400 011 Well Simply
3112 3114 314 3012 31
25 30 Apr 12 41 Jan 11
3114 Jan 387s Dee
106 10014 *10614 10612
220 Preferred
1064 10814 106 106
100 100 Apr 27 11012 Jan 11 10234 Mar 110 June
1212 14
1414 1518 39,000 Omnibus Corp
1314 1412 1412 1514
1112Mar 27 1514May 10
No par
11 Mar 1718 June
*94
95
1,700 Preferred A
9411 9414 948 951 *9314 95
100 90 Jan 11 9612 Mar 8
81
Jan 9912May
73
*7212 7312
500 Oppenhelm Collins & CoNo par
73
7234 73
*73
76
7112 Feb 21 8812 Jan 7
5812 Feb 8232 Deo
400 Orpheum Circuit. Inc
19
18
19
18
18 May 9 2412 Jan 9
1
2372 Dec 35 Apr
700 Preferred
•-_-_-_-_ -kr 75
80
80
80
100 75 May 9 102 Jan 5 10234 Nov 10812 June
80
75
184- 186
18433 18518 6,300 Otis Elevator
184 18634 18312 18434 *184 185
60 14718 Feb 20 18634May 8 2103 Feb 15534 Oct
____ •124 12512 *124 125 *124 125
10 Preferred
12512 12512 *124
100 11914 Jan 24 12512 Apr 5 108 Feb 12434 Aug
1812 19
1012 Jan 18 1934May 1
1812 1834 18
1812 172 188 18
No par
1814 30,600 Otis Steel
121 June
714 Feb
9412 9472 9338 9334 94
100 8212 Jan 10 9478 May 7
9434 94% 0412 1,900 Otis Steel prior pref
9434 *94
6112 Feb 91 Nov
90
90
*85
*85
*85
No par 82 Feb 21 91 Jae 5
*85
*85
Outlet Co
90
90
90
5234 Jan 99 Dec
8934 88
8734 87% 2,000 Owens Bottle
89
88
26 7412 Jan 3 9578 Apr 18
8818 8772 88
89
73 Dee 8512 Dec
*11512 117 *11512 117 •11512 117 *11512 117 *11512 117
Preferred
100 11434 Jan 3 117 Mar 16 107
Jan 120 Nov
26 4312 Feb 28 534May 4
5278 5012 51; 5014 5134 51
5338 51
62
5258 19,900 Pacific Gee - Eleo new
31
Feb 50 Dec
17
15
18
134
178
178
17
14 Jan 3
17g 59,700 Pacific 011
No par
13
214 Apr 27
1 May
4
1; Jan
157 15734
760 Pacific Telep & Teleg
157 15872 157 15778 15558 15718 155 158
100 148 Mar 10 15914May 4 124 Mar 162 Dee
54,600 Packard Motor Car
71
10 5614 Feb 18 72 Al,? 9
7134 7073 7138 6912 704 6914 701s 701g 71
33% Apr 62 Dec
4838 4812 4912 4934 4912
770 Pan-Amer Petr & Trans____50 3814 Feb 20 5334 Apr 3
4812 4812 46
5012 52
401s Dec 6572 Jan
49
5138 5014 5152 5012 51% 43,900 Class B
52
50 3734 Feb 20 5458 Apr 30
5314 5038 52
404 Dec 66; Jan
2312
8
Pan-Am
Petrol
25
247
2512
12,000
8
B_No
245
West
243
2318 2478
8 2534
244
par
1814 Feb 15 2838 Apr 28
1634 Oct 3778 Jan
1832 1914
2138 Apr 28
1838 2078 14,900 Panhandle Prod & ref_No par
1812 1878 1718 1818 1814 19
1112 Feb 11
8 Apr
1874 Jan
*80
95
90
3,800 Preferred
90
100 70 Feb 21 98 May 11
9412 95
94
94% 08
94
54 Sept 83 Nov
23.600 Park & Tilford tern etfe_No par 34 Mar 10 68 May 11
6438 6512 64; 66
65% 6634 6434 66
6614 68
20
Jan 46; Ott
1218 1212 12
1218 1278
125 13
1238 37.900 Park Utah C M
9; Jan 3 1414 Jan 5
1212 12
1
6
Jan
10; Dee
2 Feb 8
918May 10
No par
6
91s
6% 738 88,400 Pathe Exchange
312 478
334 Dec
558 84
434 578
12 June
1312 16
1673 1734
19
17
2312 1912 2034 55,600 Pathe Exchange A new_No par
227
812 Feb 9 2312May ,0
1812 Dec 434 June
38
3734 3558 3632 36
3933 3618 37
35
39% 54,000 Patin° Mines & Enterpr____20 23; Jan 3 42 Apr 30
1814 Aug 2771 Feb
21
2112 21
2112 20
1618 Jan 27 25;Mar 18
50
2058 20
2034 19
2012 7,200 Peerless Motor Car
20
Apr 32
Jan
3212 328 32
3212 3112 32
3212 32
31% 3312 6,100 Penick & Ford
No par
22; Jan 7 37 Apr 17
1912 Sept 2778 May
2914 2934 2834 2914 2818 29
2778 2832 2712 28
5,700 Penn-Dixie Cement
No par 2258 Jan 11 31 May 2
2112 Dec 3952 Jan
96
96
300 Preferred
9512 9512 *9512 97
*9512 96
100 94 Jan 5 9638 A pr 25
9.312 9512
91 Sept 100 May
1774 179
4,200 People's 0 L dr C (Chic)_100 151; Jan 8 1891, Feb 2 126
17614 17834 176 17714 17712 17934 17812 179
Jan 16834 Nov
17434 17434 *170 175 *173 175 •17414 175
174 17412
200 Philadelphia Co (Plttsb)___50 145 Mar 24 17434May 4
8514 Jan 15312 Dee
48
4812 4812 4812 *4612 49
4812 4812 46% 48
190 5% preferred
50 4512 Mar 15 4812May 7
40
Jan 51 Dee
56
56
*5614 57
56
56
500 6% preferred
50 52 Jan 3 57 Mar 29
60
5534 5534 5514 5534
Jan
5312 Sept
3112 34
3134 3273 3112 32
29,800 PM% & Read C & I___ _No par 2814 Feb 9 3934 Jan 3
3218 3332 3234 34
37;June 47; Mar
Certificates of Int._ __No par 27 Mar 13 38 Jan 12
3714 June 47
18 -1814 1734 1818 1734 1814 1712 18 17% 1858 10,100 Philltp Morris & Co. Ltd__ AO 15 Mar 1 2234 Apr 13 18 Sept 4118 Mar
Jan
4212 4114 42
4034 41% 4138 42% 41,2 42
42
29,200 Phillipe Petroleum
No par 3514 Feb 20 44; Apr 30
3614 Oct 6014 Feb
3732 38
5 28 Jan 12 38 May 8
*3312 34
3,800 Phoer lx Hosiery
*3312 35
36
3414 36
36
3518 Dec 524 Aug
10 Preferred
*9812 99
100 96 Jan 9 10314 Feb 14 103
*98
*J812 99
99
*9812 99
99
99
Jan 10734 July
1012 Feb 18
1314 1418 1314 1378 1258 13
14% 35,700 Plerce-Arrow Mot Car_No par
Stock
1558 Jan 3
1258 1234 13
918 Oct 2352 Mar
42
42
43
100 3978 Feb 16 5312 Jan 3
42
43
45
4512 *43
41
4434 3,900 Preferred
37; Oct 10212 Jan
12 Mar 3
334 41g 99,100 Pierce 011 Corporation
Exchange
25
353 37g
4
4%
312 414
14 Mar
312 4
514 AM 27
118 June
1614 Feb 20 3012 Apr 26
23
100
23 .23
900 Preferred
2318
24
1312 Mar 24 June
23
2334 2318 2318 *23
47
13,400 Pierce Petrol m tern ctirsNo par
312 Feb 16
658 Ant 27
4% 5
4% 518
Closed.
212 Mar
5
5% 512
5
514
512 June
26.100 Pillsbury Flour Mills_ _No par 3234 Feb 18 42 May 11
4018 407
4012 4138' 4013 407
4018 4034 4014 42
30; NO, 3712 Aug
300 Preferred
100 108 Jan 5 118 May 11 104 Aug 109
117 118
*115 116,2'115 11612 115 115 •116 117
Extra
Oct
100 4114 Feb 8 5312 Jan 4
47
32; Mar 7412 June
4514 4514 45,8 4612 46
46
4634 3,000 Pittsburgh Coal of Pa
4612 46
8212 8212
900 Preferred
100 81 Slay 1
88 Jan 12
8212 83
7058 Mar 98 Sept
*8214 8312 8214 8214 *8212 83
Holiday.
Pittsburgh Steel pref
.100 8712 Mar 15 96 Feb 9
88
91
91 .
91
91
92
94 Dee 101
*88
*88
*88
*88
Jan
500 Pitts Terminal Coal
100 26 Feb 10 36; Mar 20
31
*30
31
29
30
2953 3258 •29
29
*28
3012 Apr 56 June
50 Preferred
100 76 May 9 82 Mar 13
*7612 77
76
*7612 77
*7612 77
7612 .7612 77
74
Apr 8412 Dec
Rican-Am
500
A.100
Feb
Porto
24
Tob
62,8
el
64
64
7972 Jan 6
64% 6434
*63
6312 6312 634 6314 *63
66 Aug 9112 Jan
2378 Feb 24 35 Jan 3
3,400 Class B
No par
2518 2614 2434 2512 2512 253.1 26
2578 26
2614
15 Aug 5278 Dee
par 118 Feb 20 129; Jan 24
123 12434 12234 12414 122 12358 12212 12334 12258 12338 17,100 Postum Co. Inc
9258 Mar 12018 Dee
a
22 Feb 18 2678 Jan 3
2334 2434 12.200 Pressed Steel Car new _N
N par
25
24
*2334 24
*2312 2412 *2352 24
36; Feb 784 Dee
800 Preferred
100 77 Apr 11
8112
88 Jan 4
*81
*80
80
80
8112 80
7812 Feb 92;May
80
80
80
2314 2418 23
2418 2314 2312 2312 2438 6.400 Producers & Refiners Corp 50 16 Feb 17 26; Apr 30
2338 243
1654 Jan 3378 May
Preferred
120
44
45
50 41 Feb 20 4678May 1
44
*44
44
45
45 •44
44
*44
3672 Jan 50
Feb
Pro-phy-lac-tic Brush .No par 6912 Jan 4 91 Feb 17
*8312 85
*8312 85
*8312 85
*8312 85
*8312 85
65 Feb 71 Sept
PubServCorp
of NJ newNo par 4112 Jan 9 66;May 7
76.900
62; 64
62; 66; 6314 OA 61
32
Jan
6414 62; 64
4674 Sept
7%
7. prefed
ferred
3,300 6
11312 11438 113; 1137 1 13 113
100 103; Jan 8 115 May 4
113 11434 114 115
98; Feb 105 Nov
600
128 129 *127 130 1 12714 129
100 118 Jan 21 12918May 11 10812 Jan 12014 Nov
12812 129;
129 130
8%
preferred
200
•I50 151 *149 152
14912
100
134
149 14918 *14718 14912 •148
Jan 7 150 May 4 126
Jan 1354 Nov
700 Pub Serv Eleo & Gas pfd_100 108 Mar 8 11012 Apr 25 102
11018 11018 110 110
10934 10934 109; 10934
10958 110
Jan 11012 Dee
88; 90
91; 38,600 Pullman Company new No par 7012 Feb 21
91341May 1
90
8852 8934 8838 8938 88% 90
73; Aug 8434 Dec
31
3018 2.700 Punta Alegre Sugar
32
31
60 2818 Feb 17 34; Jan 3
3214 30% 3118 3014 305s 30
27
Oct
Ws Jan
25
2538 2434 25
80
00 Pure 011 (The)
26 19 Feb 1
2452 X2414 2478 2412 2434 16,4
2712 Jan 5
24
25
Oct 3312 Mar
p0,
87
0ity preferred new
11358 114
11334 11334 11334 11434 *114 11478 114; 115
100 108 Mar 15 115 May 11 11132 Jan 11512 Dec
Bakeries new
8254 8978 8414 877
8478 8534 8418 8534 8418 8572 8,900
751!Apr 14 89781May 7
Class B
No par 9614 Jan 3 171 Apt 12
11-4 Jan
Nov
oiii'114 1151!
10934 Apr 18 11512May 11
---iOo Preferred new
Iff1-2 11812
18534 20513 201 209 197 20434 19614 203; 201 20612 312,600 Radio Corp of Amer___No par 8514 Feb 20, 209 Slay 8 4l's Apr 101 Nov
5634 57
5612 5732 5714 5714 5714 5732 *57
5712 1,100 Preferred
50 5412 Jan 4 57; Jan 9
49 May 57
Apr
27
2778 2618 2812 2612 2734 2614 2612 0
1:10
00 Real Silk Hosiery
0
23
614 6
26
3
10 2478 Jan 17 304 Jan 26
2012 Nov
44; Mar
9318 9312 9312 9312 9312 9312 9312 9312
Preferred
100 84 Feb 7 9412 Feb 21
80 June 99 Dec
1012 1118 107 1118 10
Rets
11
(Robt) & Co
11
1178 1158 1218 11,200
No par
512 Feb 23 1212 Apr 9
5; July
9 June
31
32% 3011 3112 3112 3234 3112 32% 3138 3.18 158,100 Remington-Rand
No par 2312 Jan 20 33 Jan 28
2012 Nov 4714 Dee
943 95
951! 9534 9522 9512 1,300 First preferred
9434 0434 9418 95
100 93 Jan 18 96 Feb 28
8712 Nov 10212 Apr
.94 100
*94 100
•95
100 Second preferred
9414 94,4 *95 100
100 93 Apr 19 100 Jan 24
9618
90
Oct 110
Apr
2678 2714 264 2734 2712 2812 27
10 2212 Jan 21
2812 2718 2734 54,900 Reo Motor Car
2934 Apr 14
2512 Dec 2672 Dec
60
6078 5912 6034 59% 60
5912 60% 6058 6138 13,200 Republic Iron dr Steel
100 66 Feb 17 69; Feb 7
63
Oct 7571 Mar
10658 10658 10612 107
500 Preferred
107 107
107 107 .10512 107
100 105 Jan 3 112 Feb 11
9658 Jan 106 May
1
1438 13% 1334
13
13,4 14.
1158 1312 1218 1234 139,200 Reynolds Spring
No par
814 Feb 18 1458May 8
4 Feb
13 Des
13134 13212 13112 132
13214 133
13214 133
13134 132% 15.000 Reynolds (RJ) Tab Clime B 25 128 Apr 24 161 18 1,i 3
9818 Feb 162 Deo
45
46% 433 448 44
474 4878 118,900 Richfield 011 of Californla...25 2312 Feb 17 4878May 11
45% 44% 46
2538 Dec 28% Dec
21914 22812 21814 223
3,500 Ross% Insurance Co
22114 22312 222 225
227 233
25 163 Jan 10 233 May 4
74 Jan 194
Oct
62% 5458 5214 53
5334 5434 5438 547 17,300 Royal Dutch Co(NY sharee)
5314 55
4452 Jan 20 55 Slay 7
444 July 5412 Feb
4014 4034 3934 4012 40; 4078 4012 4078 3,600 St Joseph Lead
10 37 Mar 16 43; Jan 4
4038 407
36 May 4378 Mar
82
848814 84
85
8278 87
8612 31,400 Savage Arms Corporation_100 6058 Jan 12 87 May 10
81
79
4312 Oct 7212 Mar
2; 234 4,200 Seneca Copper
212 2;
No par
273 234
2 Jan 18
273 258
273 238
3; Jun 3
1 June
334 Jan
6434 6314 6414 6314 6312 6318 6312 4.900 Shubert Theatre Corp_ No par 6912 Mar 5 6934 Jan 9
64
6338 64
55 Aug 2474 Nov
Schulte
Retail
4
0312
643
8
627
623
8 64
Stores_ No par 4978 Feb IS 6712 Apr 14
6478 6318
67.700
64
65
64
47
Jan 67 Sept
190 Preferred
12278 12278 *122 12278 •122 12278
100 11912 Jan 31 129 Apt 11 11814 Jan 123 Aug
122 122
122 122
2,100 Seagrave Corp
13
10 Feb 18
1338 1312 1314 1312 13
1318 1338
1414 Jan 3
1234 13
834 Sept 15; Dec
Noop
par 8218 Jan 16 11012 Mar 27
101 18 10273 101 10312 103% 10514 101% 10334 10238 10434 112,600 Sears, Roebuck &Co newN
61
Jan 9112 Deo
No par 8012 Feb 17 10912May 4
10718 10912 106 107,4 10214 10512 103 10414 10314 10112 11,400 Shatuck (F 0)
6638 Jan 101 12 Oct
Shell
Transport
400
4678
47
4612
&
Trading...C2
*4612
4653
4612 4612 *4558
3932 Jan 24 47 May 4
*4612 47
4138 Oct 4772 Feb
No par 234 Feb 8 31 Al)t 30
28% 2934 2918 2938 2918 2912 45,200 Shell Union 011
29,2 30
2458 Oct 3134 Feb
2938 30
10 18; Feb 20 28 Mar 30
2234 2338 2258 2312, 2238 23'4 22; 2234 22; 2314 9,600 Simms Petroleum
1414 July 2638 Dec
19.100 Simmons Co
6812 70
No par 5818 Nar 2 73 Apr 4
7038! 688 6934 68; 69
'7012 7138 69
334 Jan 6434 Dee
2814 2978 2834 2012 189,700 Sinclair Cone 011 Corp_No par
1718 Feb 20 3014 Apr 30
285* 27% 284! 2734 297
28
15
Oct 2252 Jan
Preferred
*1083
700
4
109
100
10212 Jan 4 10912 Apr 26
10734 10812 10834 10834 108; 108;
108 108
97
Jan 10412 1)00
32
3112 327 21,300 Skelly 011 Co
25 25 Feb 15 31 Apr 30
31 12 3134 305 3134 31
3112 32
2418 June 37; Feb
Sloss-Sheffield
12012
2,800
121
122
Steel
&
1183
Iron
4
100
11912
117
119
116
*117
May
3 134 Feb 6 11014 Nov 13414 Apr
119 119
1712 1034 1738 7,400 Snider Packing
No par
1712 1734 17
1258 Jan 6 20 Apr 30
174 18
1734 1818
11; June
16; July
300 Preferred
4714 4714 4912 4912
No par 44 Jan 5 60 Jan II
50
*47
51
5112 51
*47
44 Nov
5214 July
Porto
So
39,000
41;
415
Rico
2
par
423
4212
4212
2
new
_No
Sug
3212 Feb 18 43 May 2
4218 4234 4178 4272 417o
3372 Aug 42; May
200 Preferred
140 140 *137 14212 *137 14212
100 133 Feb 1 140 Slay 7 11812 Mar 137 Nov
140 140 *140 141
25 4312 Jan 5 5414May 4
5078 4978 50% 49; 5078 27,1001Southern Calif Edison
.5118 5214 5058 51; 50
3138 Jan 45 Deo
1,
Southern
Dairies el A_No par 2412 Jan 25 56 May 7
5412 5214 5478 63,100
53
56
53
5218 54
5314 56
15 May 45; Jan
13,100 Class 11
24; 2231 24
No var
9 Jan 23 30 Ayr 23
2534 2412 2512 24
24
2312 26
Jan
634 Oct 20
Spalding
*116
Bros
350
118
let
118
pref __. _100 109 Jan 7 120 Apr 3 103
118 118 *116
115 11514 116 116
Jan 11214 Nov
2,570 Spear & Co
1634 17
1512 17
No par
1514 16
12 Jan 16 20 Feb 29
1634 17; 1514 17
16 Dec
834 May
Preferred
250
*87
88
88
*87
89
883
100
4
79
Feb 25 9238 Feb 29
87% 8834 8834 8834
73 Feb 88 Dec
No par 2312 Jan 12 4214May 11
39% 3834 3914 3812 3914 39; 4112 4112 4214 65,300 Spicer Mfg Co
39
2012 Jan 28; May
*111
10 Preferred
*Ill
*111
100 110 Apr 11 113 May 7 104 Feb 11112 Nov
113 113 •111
Stand
Comm
2,900
01
;
30;
3
32
Tobacco_No par 29% Apt 21 37125.1nr
*3018
*30; 32
*3018 32
32
*30
40,200 Standard Gas & El Co_No par 5778 Jan 12 7434May 8
7134 7232 7214 73
7434 7158 73
7312 7438 73
54 -Jan 66' June
70; 70; 70; 7114 2,100 Preferred
-50 65 Jan 3 71 14N1ay 11
7038 70,2 70; 7034 7012 71
5718 Jan 6612 Noy
11812 12014 20,800 Standard Milling
100 100 Jan 5 127 Apr 20
120 12114 12012 124; 120 12314 120 121
Jan 10438 Del
7014
40 Preferred
105 105
10414 105
100 10018 Jan 3 112 Apr 23
106 11034 •105 107 *105 107
Jan 103 Dee
84
6114 61; 6118 6134 30,100 Standard 0'1 of Cal newNopar 53 Feb 20 6:1; Apr 30
6153 62% 60% 61% 6018 61
50; Apr 60114 Jan
4478 4512 4514 46 221,400 Standard 011 of New Jersey _25 37; Feb 18 49 Apr 30
4518 45% 4414 4534 4378 45
354 Apr 41132 Feb
Standard
011
312,800
of
373
4
39
New
York
3712
3872
..25
283
4 Feb 17 4112 Apr 30
3712 38; 3638 4734 3534 3812
2934 June 3412 Jan
5
514 2,400 Stand Plate Glass Co..No par
478 473
214 Jan 3
5
5
414 June
2 Star
434 514
5
5
772 Feb 23
300 Preferred
1032 19;
193
*18
100
1752 18
10 Jan 18 40 Feb 23
1572 June
1712 1712 1934 1934
10 Mar
Sterling Products
No par 13414 Feb 28 150 Jan 26
9012 Jan 14312 Nov
-6714 -987-S 86.900 Stewart-Warn Sp Corp_No par 7714 Feb 18 10112May 9
99
-9314 -9173 95 18;
5414 Mar 8712 Nov
- 98 1-61-1; 97
6478 6778 *6512 67 3.100 Eltromberg Carburetor_No par 44 Jan 3 6912May 7 2618 June 60 Sept
67
6812 6912 6718 6938 67
•131d and asked °nett; no gales on $151$ 1151,4
o.ra-r140114/ •Ek-dividends 0 Ex-dividend and ex-r1ghis,
2937
New York Stock Record-Continued-Page /
For sales during the week of stocks not recorded here, see seventh page precedint
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
May 5.
$ per share
Stock
Exchange
Closed.
Extra
[Holiday.
Ifonday,
May 7.
Tuesday,
May 8.
Wednesday,. Thursday,
May 9.
May 10.
Friday,
May 11.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
per share 5 Per share $ per share
It per share $ per share
x6535 67
6658 68
6712 6858 6718 68
681g 69
126 126 *12334 125 *12334 125 ,
125 12514 •12512 126
45
8
43
4
434 473
412 434
43
4
5
47
8
414
4612 47
4658 47
4718 48
46
48
4734 49
•10818 109% •10818 10958 10818 108% *109 10958 *109 10958
524 712
634
634 714
6% 712
64 77a
74
•1812 21
*18
21
20
*2014 21
20
*1812 21
1578 1612 1514 1534 1512 1512 •1512 16
1634 17
*512
612 658
6% 7
*512 612
*534 64
*1712 1734 1734 18%
1714 1712 1732 184 1718 18
184 1812 1814 1878 18g 2012 2018 2012
17% 18
1334 14
1334 14
1412 1434 1278 1452 1334 14
6158 63
6238 6312 6278 6312
63
62% 63% 62
7234 73% 7134 7234 7158 7212 71% 7212 7214 7234
1512 15% 15
1612 1534 16% 1534 1638
1512 16
28% 2934 2734 2878 2718 2812 271. 2838 2758 2818
38
3912 36
3813 3712 3938 367s 3858
3612 38
51
5112 52
52
5112 5078 5112 5034 51
51
3712 38
3812 3712 38
3812 3812 3814 3812 38
*6012 61
60
60
61
61
*6012 61
6012 61
1912 20
19
1912 1834 1914 1878 1912 1858 1,014
8914 90
90
90
*8913 90
8938 8912 90
88
26
26
2612 2553 255
26
2614 2612
26
26
93
94
*9234 9312 593
93
94
*93 94
93
126 12814 12634 12734
12838 131
12712 12818 12738 128
11318 11472 11212 11312 113 114
11414 115
112 11334
11912 11912 118 1184 118 11814 11814 11814
11812 120
858 918
858 87g
812 878
812 914
834 9
53
5334 5112 5112
5234 *5112 52
53
5334 52
7134 724 7158 72
7112 7214 7218 73
7218 74
•12014 130 *12014 130
120 120 *120 130 .120 130
42
42
4112 42
42
43
42
42
42
42
15538 15813 15514 15778 15412 15712 15411 15512 15514 15712
5258 5338 528 534 5338 5358 5314 533*
5234 54
127 128
128 12818 *127 128
12512 12512 *124 128
3732 373g 36
36
3558 36
3512 36
3514 3512
*110 123 *113 123 *113 113 *114 123 *113 123
30%
3018 30
3012 30
3018 30
30
3018 30
11078 11078 11018 110% 11012 11012
11012 11012 11012 111
Shares Indus. & ?Memel. (Co,.) Par
88,600 Studeb'rCorp(The) newNO Dar
100
170 Preferred
6,800 Submarine Boat
No par
No par
7,300 Sun OH
100
100 Preferred
No par
103,000 Superior 011
100
200 Superior Steel
3,000 Sweets Co of America
50
1,200 Symington temp ctfs__.No par
Class A temp ctfs____No par
5,000
22,900 Telautograph Corp____No par
25,700 Tenn Copp & C
No par
25
92,400 Texas Corporation
78,100 Texas Gulf Sulphur new No par
21,600 Texas Pacific Coal & 011_ _ 10
45,400 Texas Pao Land Trust new__1
23.900 Thatcher Mfg
No par
3,000 Preferred
No par
3.100 The Fair
No par
400 Thompson (J R) Co
25
35,400 Tidewater Assoc 011___No par
2,900 Preferred
100
3,200 Tide Water Oil
100
500 Preferred
100
7,600 Timken Roller Bearing_No par
27,100 Tobacco Products Corp...100
Class A
2,800
100
73,800 TranacTI 011 temctfnewNo par
1,600 Transue & W.1111ams81,1No par
10,400 Under. Elliott Fisher Co.No par
70 Preferred
100
1,700 Union Bag dr Paper Corp_ _100
29,400 Union Carbide & Carb_No par
13,300 Union 011 California
2,5
700 Union Tank Car new......100
1,000 United Biscuit
No par
Preferred
100
11,800 United Cigar Stores new ____10
1,100 Preferred
100
United Drug
100
let Preferred
50
*62
6434 *62
10 United Dyewood pref
*62
6434 6458 6452
100
6434 *62
146 14614 14213 1454 14314 14412 143 14334 143 14414 4.800 United Fruit
No par
7912 2,000 Universal Leaf Tobacco No par
7984 81
7912 7912 7818 7938 7812 78% 79
95
240 Universal Pictures let pfd..100
931s 9312 9418 941g 9334 9334 9412 9412 94
2358 52,300 Universal Pipe dc Had..No Par
2412 2538 2412 254 23
2434 23
2334 23
99
*9312 997g *95 100
*9312 96
*9312 100
Preferred
*95
100
26512 267
261 266
1,400 US Cast Iron Pipe & Fdy_10()
26912 27034 264 264 *261 265
1,100 Preferred
13112 13112 13152 13158 13158 13158 131 13114 131 13114
100
1612 164
1612 1612 1614 1612 1658 1634
1614 164 2,700 U 8 DIstrib Corp new__No par
85
86
8478 85
*85
86
*8514 86
85
85
1,100 Preferred
100
5312 5313 5518 5334 5438 53% 5412 54
5414 11,500 U S Hoff Mach Corp vtoNo par
52
S Industrial Aicohol
11414 117% 11814 11978 36,700
115 11714 11418 115% 114 115
100
121 121 *12012 123 *12012 123 *12012 123 *12012 123
100 Preferred
100
4858 5078 4718 4878 4734 4834 4918 5012 313.000 U S Leather
No par
50% 51
6738 7,300
Class A
69
6912 67
684 66
68
6614 6670 67
No par
10812 109
10878 10872 *10812 10912 *10812 10912 *10812 10912
300 Prior preferred
100
93
9358 9018 9332 8812 9112 9014 93% 89
9012 24,900 U 8 Realty & Impt new.No par
4414 4114 1314 41
42
41
4234 33,100 United States Rubber
100
438 4432 43
8,100
1st Preferred
7934 8078 7914 8014 7734 7918 7612 7714 77% 78
100
4413 4514 4434 45
4434 7.200 S Smelting. Ref & Min___50
44
4458 4418 4434 44
54
800 Preferred
50
54
5414 54
54
*5338 54
534 54
5418
14612 14853 14612 14714 14513 14612 14518 150
14814 150% 312,000 United States Steel Corp new.
14478 145
145 14518 14478 14512 14434 145% 14478 14512 6,900 Preferred
100
300 U S Tobacco
9672 98
964 9672 .9414 98
*93
95
No par
964 97
13612 13613 •I3612 136341'13612 13634 136 136
13612 13612
70 Preferred
100
150 150
145 145 .14214 154
146 146 *144 154
130 Utah Copper
10
3734 3612 371g 3733 3978 61,500 Utilities Pow & Ll A__No par
3712 3933 37
3878 36
8412 88
8712 9138 8612 8814 85
88% 8658 8914 65,800 Vanadium Corp
No par
*94 1112 89ls 1181 sgis 111
*913 1112 *91g 1112
Van Raalte
No par
let preferred
*50
5212 *50
5234 .50
5234 "50
5234 *50
5234
100
69
6912 6834 6938 69
701
70% 7112 7214 73% 14,900 Vick Chemical
No par
9712 9932 99 10434 10118 10412 994 10212 101 10258 122,300 Victor Talk Machine._No par
196 20212 199 201
200 201
198 198 *19912 202
2,300 6% preferred
No par
1104 11034 11034 11114 10914 11034 10912 11034 1097s 11014
1,600 7% prior preferred
100
1512 1533! 1412 1478 1412 1478
1412 13
14% 144 4,800 Virg-Caro Chem
No par
48l 4938 48
47
*47
4814 47
4712 *4712 48
2,200 6% preferred
100
*97
98
97
97
97
97
*97
9738 £7
97
500 7% preferred
100
*31
35
*31
35
*31
35
*31
35
*31
35
Virginia Iron Coal & Coke.100
*58
59
57
58
4.57
59
*37
*57
59
59
20 Preferred
100
1934 2018 1934 20
1912 20
1058 20
20
2112 8.100 Vivaudou(V)..
NO par
085
8812 *85
8812 *82
8812 *83
89
*83
89
Preferred
100
3114 3378 3314 34
3218 3412 3312 3478 3453 36
2,520 Vulcan DetInning
100
*89
90 I .89
90 .89
90
*89
90
*89
90
Preferred
100
2811 26
*26
2812 26
26
*2712 2812 2812 2813
50 Class A
100
248 2514 2414 2514 2412 244 2432 2412 2414 2434 8,900 Waldorf System
No par
•1512 16 ' 16
16
16
16
16
16
16
16
1,400 Walworth Co airs
No par
•10612 10734 *107 10734 10734 107
108 108
10914 11.0
170 Ward Baking Class A No par
2318 2334 2314 2438 24
2438 2414 25% 2532 2612 55,600 Class B
No par
9212 9212 9212 9234 93
94
94
94
9413
Preferred (1OO)
1,900
9312
No par
341g 344 3414 35
3453 35
35
304 3612 3812 42.900 Warner Brea Pictures A _ _ _ _10
3112 3214 3034 3175 3012 3133 31
3158 31% 33% 98.600 Warner Quinlan
No par
18312 18512 18014 182
18014 1804 180 180
17934 180
Bros
2,000 Warren
No par
*56
57
67
59
*5618 59,2 *5618 584 .5612 59
1st preferred
70
50
21
2134 2114 2134 2113 2214 2112 22
2138 2138 2.000 Warren Fndry & Pipe..NO Par
6834 6934 691g 7012 *6812 69
664 68
6634 6634
1,900 Weber & Fleilbr, new e_No par
*102 10214 102 102
10214 10212 102 102
10232 102%
1,200 Preferred
100
1644 18414 161 16478 163 164
163 16512 16414 165
4,100 Western Union Telegraph_100
48
4938 4758 48% 49
4953 5038 4912 50
4978 27,300 Wetnghse Air Brake NewNopar
10614 10834 10758 110
107 10812 10612 1081g 107 10812 91,400 Westinghouse Elec & Mfg_..50
108 1084 106 10878 106 106
109 10934 *10914 10978
420 1s1 preferred
50
18
18
17% 1734 17
1714
17
17
1634 1734 3,000 Weston Elee 1nstrum't_No par
*3313 3378 *3314 34
*334 3312 3212 33
3258 3258
400 Class A
No par
11012 11013 *10912 11114 *10913 111 *10912 11012 *10912 111
70 West Penn Elea CIA vtt No par
11334 114
11312 114
1134 11432 11334 114
11312 11414
730 Preferred
100
10212 103
10212 1024 10212 103
10212 1024 10258 10278
320 Preferred (6)
100
11512 11534 11532 11533 11538 11512 11514 11514 115 11538
160 West Penn Power pref
100
10952 110
110 110 *10933 110
110 11112 110 110
190 6% preferred
100
70
70
69
70
69
694 6715 09
2318
68
2,000 West Dairy Prod el A __No par
40
4114 3814 3934 37% 3918 37% 3714 3738 38
5,200 Class 13
No par
2412 25
244 244 24
25
2414 24
2413 2512 5,700 White Eagle 011 hatetg_No par
36
37
3534 3638 3558 3034 36 3078 3514 3634 8,400 White Motor
50
39
3834 3912 3914 44
•37
3734 38
43
4458 18,600 White Rock Min Sp ctf _No Dar
39% 4133 408 42
37% 3834 3812 40
4014 4178 9,300 White Sewing Machine _No Par
37% 3834 3812 40
3978 41% *5312 54
*5314 5312
500 White Sewing Macb pt_No par
54
5314 53,4 2312 2414 2334 2438 85.200 Willys-Overland (The).
5314 5312 54
--5
2478 2512 2458 2514 2418 2434 "98
99
98
98
1,000 Preferred
100
1512 1518 1512 5,100 Wilson & Co Ins. new _No par
9814 99% 9814 9814 9814 98,4 15
1412 1472 1533 1511 32
1412 1478
3212 3112 3338 22,700 Cleve A
No par
3214 3278 7132 7213 71 18 7213 4,600 Preferred
31
31 14 32
31
100
71 12 7112 7114 7178 7118 7278 19212 19534 111134 19478 72,500 Woolworth (F W) Co
25
193 19634 32
18818 18912 18914 194
3212 3134 3178 4,600 Worthington P & 2sf
100
31 14 3314 3013 3212 *49
3212 33
56
*4918 60
100
100 Preferred A
58
*50
58
*45
50
5734 5734 .50
*45
49
100
Preferred 13
*4512 48
*4,512 50
16012 176
"4512 50
178 196 103,400 Wright Aeronautical._ No Par
155 164
7234 73
15614 16414 158 165
72
7478
1.600 Wrigley (Wm Jr)
No Par
7278 7278 76
71,1
7312 73
73
73
79
7914
25
1.900 Yale & Towne
78
7813 3814 3938 3818 39 245,200 Yellow Truck & Coach C113_10
78
78
78
78
40
9334 9334 9334 9334
3934 38
40
39
38
100
1,100 Preferred
8972 89
9334 9334 9334 9334 9334 9334 89
8934 5,500 Youngstown Sheet dr T_No par
883s 8912
90
8912 89
89
*Bid and asked prices; no eaten an this day.
Ex-ri8hta4
a lia-dly dend. • No par value
PER SHARE
Range Since Jan. 1.
On basis of 100-share lots
Lowest
Highest
$ Per share
57 Jan 10
12112 Feb 25
3 Feb 14
3112 Jan 9
100 Jan 6
212 Feb 17
18 Jan 18
1158 Feb 8
4% Jan 6
1234 Jan 13
1514 Jan 28
1013 Jan 16
50 Feb 17
6818 Feb 18
1212 Mar 1
2073 Feb 20
22 Jan 5
47 Apr 13
34 Jan 3
59 Jan 31
143. Feb 20
8173 2,1ar 15
1958 Mar 7
87 Jan 4
11258Mar 3
10218 Feb 7
113 Feb 7
718 Feb21
453 Jan 3
65 Feb 17
119 Mar 1
3612 Feb 20
13618 Feb 18
4234 Feb 11
11918 Feb 23
3412 Apr 30
11214 Mar 22
2912 Apr 23
1061: Feb 18
190 Jan 5
59 Feb 28
4534 Jan 20
136 Feb 11
71 Feb 18
9318lIay 7
2218 Feb 18
88 Jan 5
19018 Feb 27
115 Mar 10
15 Apr 4
79 Apr 5
4918 Jan 3
10234 Jan 16
119 Jan 13
22 Jan LS
52 Jan 5
10514 Jan 4
6114 Feb 4
40 Mar 7
7612May 10
3913 Feb 20
51
Jan 26
13738 Mar 2
13858 Jan 5
9014 Mar 6
12712 Jan 14
135 Jan 17
2812 Feb 20
60 Jan 18
732 Jan 7
4378 Jan 8
58 Jan 17
5258 Jan 3
10834 Jan 3
101 12 Jan 6
1314 Jan II
4453 Jan 18
8812 Jan 16
3178 Apr 25
56 Apr 19
18 Mar 24
83 Apr 26
25 Jan 7
7812 Mar 28
2258 Jan 10
1912 Jan 3
16 Feb 17
108 Apr 16
$ per share
2158 Apr 101
90 May 2r
22 Jan 5
26 Feb 17
15012 Jan 4
50 Jan 6
18 Feb 20
60 Feb 29
100 Mar 6
163 Mar 29
4618 Jan 4
8818 Jan 5
958 Jan 5
1212 Jan 6
303 Jan 3
10612 Jan 3
10914 Feb 2
10018 liar 3
114 Apr 9
108% Apr 91
5312 Jan 6
2038 Jan 5
2018 Feb 21
304 Feb 21
34111 Jan 19
3658 Feb 18
53 Feb 21
1734 Jan 16
9234 Jan 3
1112 Jan 3
22 Jan 3
66 Jan 3
17512 Feb 20
28 Jaa 5
4614 Jan 19
41 Jan 4
69 Feb 27
6934 Jan 27
681 2 Mar 26
27% Feb 28
8758 Jan 9
8514 Mar 8
17
0
693 NFeb 2
12012
614 hlar 21
49 May 7
10912 Apr 26
778l1ay 7
2373 Feb 6
1812 Apr 26
7 May 8
1938 Apr 27
2012llay 10
1434May 7
6478May 1
8053 Jan 4
1713 Apr 30
3034 Apr 27
3912May 8
53 May 1
4034 Apr 3
64 Apr 10
2034 Apr 30
90 May 2
27 Apr 30
9412May 4
134 Jan 4
11818 Apr 16
128 Feb 14
1018 Jan 12
5912 Feb 7
7454May I
128 Apr 13
498 Feb 1
16214 Apr 12
57 Apr 16
128181May 8
4214 Jan 26
118 Jan 23
3453 Feb 10
11418 Apr 5
210 Mar 17
6013 Jan 4
67i Mar 12
14614May 7
8512 Apr 5
100 Feb 24
28 Apr 13
102 Jan 12
300 Apr 9
137 Mar 19
2014 Jan 4
9033 Jan 16
5833 Jan 23
12214 Mar 19
121 Mar 21
51 May 7
72 Al,, 25
10118 Apr 25
9358May 4
8314 Jan 4
10938 Jan 13
46 May 2
5514May 2
154 Apr 12!
14714 Apr 261
105 Apr 161
13634 Apr 28
158 Jan 6
39781tay II
96 Mar 15
13 Mar 13
5434 Apr 10
7338May 11
I0434May 8
20212May 7
111 12 Mar 28
1634 Feb 14;
513 Apr 9
97 Apr 27
38 Jan 17
6258 Jan 13
2533 Jan 4
100 Jan 28
438 Jan 11
97 Jan 12
38 Jan 11
27 Apr 9
185* Jan 24
123 Feb 2
2953 Jan 13
97% Jan 19
3812May 11
3312 Apr 17
19212 Apr II
61 Apr 16
2518 Apr 14
7012May 8
103 Jan 3
17712 Jan 3
5738 Jan 27
112 Mar 31
110 Mar 31
1873 Apr 24
34% Feb 21
112 Apr 9
11514 Apr 9
10413 Apr 10
117 Mar 29
113 Jan 5
78 Apr II
49 Apr 12
26381%.fay 1,
4133 Jan 4
4458May 11
45 Mar 7
55 Jan 5
28% Apr 9
100 Apr 9
16 Feb 14
3414 Feb 14
774 Feb II
19634May 9
3534 Apr 26
5814 Apr 28
51 Apr 26
196 May 11
7012 Mar 22
8412 Apr 25
40 May 8
96 Apr 20
10873 Jan 26
PER SHARE
Range foe Previa*.
Year 1927
Lowest
Highest
S per share $ per hate
69 June 63% Sept
118 Feb 12512 Nov
212 Feb
818 May
30 Mar 3478 Jan
99 Aug 10153 Dee
3% Dec
612 Feb
18
Oct 28 May
7
Apr
14 Dec
218 Sept
6
Jan
6
Oct 1534 Nov
1111 Mar
1714 Nov
815 June 13% Jan
45
Apr 58
Jan
49
Jan 8138 Sept
12
Apr
187s June
151, Jan 40 June
1612 Aug 2313 Sent
43 Aug 5012 Nov
2414 Jan 36 Aug
47
Jan 8534 Dee
Ime Oct 1913 June
85
Oct 901s June
19 July
2918 Jan
9018 Sept
85 Nov
78
Jan 1421k Aug
9234 Oct 11753 Dec
108
Apr 123% Dec
334 Apr
1633 Nov
10 May 50 Dee
45
Jan 70 Deo
120
Jan 125 Dee
3812 Jan 7314 June
991,3 Jan 15412 Nov
3953 June 58% Jan
94
Jan 12713 Dec
3918 Dec 4014 Dec
3253 Dec
104 July
159
Jan
5812 Jan
8614 July
11312 Jan
6018 Nov
1614 Dec
2418 Sept
815 Jan
19012 Aug
112 Mar
1414 May
81 May
44
Oct
89 Mar
10714 Apr
14 July
2734 June
89 July
54
Apr
3714 June
8534 June
3353 Jan
451 Jan
11 153 Jan
129
Jan
67
Jan
123
Jan
111 Feb
27
Jan
37
Jan
534 Sept
4214 Dec
48
Jan
32 July
87
Oct
9614 Oct
712 may
2618 Apr
73 June
36 Dec
6213 Dec
2014 Dec
95 Dec
1612 Jan
90
Jan
16
Jan
1814 Dec
17 Dee
8918 Apr
1712 June
84
Apr
1814 Dec
24 June
65
Jan
43 Aug
18
Oct
6.514 Dec
10134 Nov
14412 Jan
40
Oct
6758 Jan
82 Mar
11 Sept
30 July
9778 Jan
Jan
102
101 Dec
Jan
111
10013 Jar
53% Dec
2414 Dec
20 Dec
30% Nov
Jan
28
2112 Mar
46
Feb
1311 Oct
87 June
10 May
1614 May
Apr
58
11734 Jan
20% Jan
44 Dec
37
Oct
2412 Ayr
5074 Jan
7014 Jan
25
Jan
83% Aug
8013 Oct
38'o July
109 June
20013 Nov
61 Dee
49
Jan
150 Seri,
7413 Des
10353 Apr
37% Mar
98 Dec
246 May
125 Nov
2254 July
9614 Sept
8313 May
11112 Dee
121
Dec
2513 Nov
5611 Dee
10813 Nov
69% Dec
8718 Feb
111% Apr
4874 Dec
54 Dec
16013 Sept
14114 Dee
9718 Dec
127 Nov
162 Dec
34 May
8718 Dee
1438 Feb
64 Feb
6358 June
5153 Dee
11133 Dec
10213 Dec
1512 Sept
483 Dee
91 Nov
51
Jan
7812 Aug
391 June
11812June
80 Aug
125 Aug
59% Aug
25 Feb
24% Apr
11834 Oct
335 Feb
10014 Nov
4512 Jan
3412 Dee
180 Nov
71 Dec
27 June
75% Aug
1035* Aug
176 Dee
50% Sept
943 Dee
10372 Dee
1853 Feb
34% Apr
111 Aug
112 Sept
10134 Deo
118 May
111 Dec
57 Noy
285* No,
27% Feb
5853 Feb
41 12 Sept
5314 Aug
Jan
59
24% Mar
96 Aug
1758 Feb
327, Feb
84% Feb
19812 Dee
46 June
6112 June
5412 June
94114 Deo
72% Dec
8112 Aug
40 Aug
9958 July
100% Dee
2938
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
Jac 1 1909 the Exchange method of quoting bonds was digitised and prices are now "and Insereer—meal far Wow and defaulted beide
ta
BONDS
Y STOCK EXCHANGE
Week Ended May 11.
Price
Friday.
May 11.
Week's
Range or
Last Said.
S's
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Slay 11.
Prize
Friday,
May 11.
Week's
Range or
Last Sale.
High
Low
Htga No. Low
Bid
Ask Low
Mob Aro.
*Inland (Republic) ext.)(4_1945 MS 99 Sale 99
6
9914
External sink fund 79_1950 MS 10012 Sale 10012 101
1001632101 1532 1067 1001.441012.44
27
External f 64e
101.24 Apr'28 - - 101.42 1011.42
51
1956 MS 100 Sale 9912 100
67 1012441031.14
Extl s'nk fund 54e
101,132102,31
95
37
1958 P A 947 Sale 9412
102.42 Apr'28 - - - - 10224.4 1021782 Finnish Mun Loan 0545 A 1954 AD 9914 994 9914
8
9912
External 854s series B
1954 P.O 9912 998 9912 May'28
D 11914 Sale 119
10044 100242 296 100732 1002133 French Republic ext 734s
1941
11934 116
External 75 of 1924
1949 J O 10814 Sale 108
10834 594
German Republic ext'l 78
1021.221022742 729
1949 P.O 10758 Sale 10718 10758 125
33
Gras(Municipality)
11420421152H
1954 MN 104 Sale 10312 104
15
18
Gt Brit & Ire'(UK of) 550_1937 P A 10534 Sale 1053, 106
1092.22110.42
73
10-year cony 545_ .._
107
1071:2 274
_1929 FA 1183, Sale 11838 11812 22
4% fund loan op 1960_1990 MN
1012.441021722 406
1.8 Sale 8814
8834 54
5% War loan E option '29_1947 J D 9834 99
4
99
99
Greater Prague (lltyr 7 4a..1959 MN 10518 10512 10518 10514 26
State and City Securities.
N Y City-434s Corp stock_1960 MS 10012 Sale 10012 10012 54 40012 10112 Greek Government a f sec 7e 1964 MN 9878 Sale 987
10018 41
Sinking fund sec (Is
10411 10512
1968 FA 8814 Sale 8734
434s Corporate stock _ _ _ _1964 MS 10334 10434 10412 Apr'28
8824 269
105,
8 10538 Haiti (Republic) et fie
1952 AO 10118 Sale 101
4 148 Corporate stock ____1966 AO 10334 105 10538 Mar'28
10118 22
105 105
Hamburg (State) 65
1946 P.O 98 Sale 98
9834 13
434s Corporate stock___ _1972 * 0 104 10518 105 Mar'28
10934 10934 Heidelberg (Germany) eat 74850 4, 10512 Sale 10512 10512
1
444e Corporate stook_1971 J O 10912 110 10934 Feb'28
10834 11018 Hungarian Mimic Loan 7345 1945 J J 10034 Sale 10014 10034 84
44s Corporate stock_July1967 J J 10812 10958 10934 Apr'28
External 817s
Sept 1 1946 J J 9634 Sale 9612
109344 10934
4148 Corporate stock__ __1965 J D 10838 10918 10912 Apr'28
9634 31
10812 10934 Flungarlan Land M Inn 734s 131 MN 100 Sale 100
10814 10918 10812 May'28
4145 Corporate etock____1963 M
10012 19
10034 Jan'28
10034 10034 Hungary (Kingd of) a f 734e.1944 FA 10212 Sale 10213 10234 10
1956 MN
41 registered
1003, 10134 Irish Free State extl 5s
1960 MN 9718 Sale 97
N 10018 1007s 10012 May'28
1959
4% Corporate stock
9714 23
10034 10134 Italy (Kingdom of) ext'l 78_1951 J O 100 Sale 9934
1958 MN 10012 100744 10112 Apr'28
1003 600
4% Corporate stock
10034 101h Italian Cred Consortium 78 A1937 MS 99 Sale 985,
,10114 Apr'28
1957 MN 10018 1007
4% Corporate stock
9914 64
Eat! sec e 7s eer B
9934 May'28
9838 Sale 9814
9934 10038
1947 M
1938 MN
44 registered
99
128
10814 10878 Italian Public Utility ext 78_1952• J 100 Sale 997
1957 MN 10714 10818 10838 Apr'28
44% Corporate stock
10024 91
9 10734 10834 Japanese Govt loan 48
1931 J J 9212 Sale 92
1957 MN 10714 -- - - 10734 10814
938 97
434% Corporate stock _
30-year e I 648
1954 FA 10212 Sale 10134 10412 429
927 Mar'28
92, 9318
31.4% Corporate et_ _May 1954 MN
1947 FA 10034 Sale 1002
93
93 Mar'28
9312 Leipzig (Germany) a f 78
31.4% Corporate et_Nor 1954 MN
101
23
10514 10514 Lower Austria (Pros) 748-1950 J O 101 102 10012 1018
10514 Apr'28
12
New York State Canal 4e_1960
Lyons (City of) I5-year Os _1934 MN 10012 Sale 10012 101
37
Marseilles(City of) 15yr 6s...1934 MN 101 Sale 1003, 101
Foreign Gov't & Municipals
51
937
907 95
54
Mexican Irrigat Asstng 44s 1943
355 37
A 934 Sale 93
3712 Apr'28
1947
Agile Mtge Bank s 165
9812 Sale 9838
9834 10
9412 100344 Mexico (U 5) extl 56 of 1899 C45 fj-j
4934 Jan'28
Antioquia (Dept) Col 78 A 1945
981s 17
42
Assenting 5e of 1899
J 9812 Sale 98
52124-2h 4212
1945
94% 99
External I 78 ear B
1945
4234
7
435 May'28
Assenting Ea large
9834
9814 21
94
J 9712 Sale 9712
External ef 75 aeries C.._ 11/45
2818 Sale 2818
Assenting 48 01 1904
9814 10
9334 997
1957 A O 98 Sale 9712
Ext s f 78 let ser
2878 24
934 98,2
19
9814
31 Sale 2858
Assenting 48 of 1910 large____
2nd .,eries trust rots.__1957 A O 9734 Sale 9712
3078 45
2858 Sale 2858
Assenting 45 of 1910 small_....
10038 46
9912 10012
Argentine Govt Pub Wks68_1960 A O 100 Sale 100
31
12
Trees 8501'13 assent (larger33 JJ 443 Sale 437
Argentine Nation (Govt of)—
6
443,
9938 10058
437 Sale 4334
Small
Sink fund 6s of June 1925_1959 JD 9934 Sale 9934 10012 54
7
4378
43
1004
Sale
9912
100
10038
Milan (City. Italy) ext'l 634a '52 AO
1959 AO 10018
(Dal e t 68 of Oct 1925
279
10034 52 10018 101 14 Montevideo (City of) 7e__.,1952 in 10
93
433
:9
1(14
1914 10
1957 MS 10034 Sale 10014
93
Unk fund fie series A
4334 19
04
8
9:
11
9912 100h Netherlands 6s Mat prices)._1972 MS 1065, 10714 10658 107
10038 65
blzternal 6e series B _.Dec 1958 JO 10012 Sale 100
2
9912 10034
30-year external 68
1954 AO 10178 Sale 10178
10012 40
1960 MN 10018 Sale 997
Exti Sf68 of May 1926
10214 20
994 10012 New So Wales (State) ext 5e 1957 P A
10014 224
9334 Sale 95
External I (fe (State RY).1960 MS 100 Sale 09h
9512 82
107
A0
Sale
s
Apr
1958
95
9938
10012
993
4
993
4
External
1 Si
10038
Sale 95
1961 F A
Ext16e Sanitary Works
9534 123
1943 P A 10234 Sale 10258 103
9938 101
10012 66
Norway 20-year exti 611
141
Egli 68 pub wks(May '27)1961 MN 9934 Sale 100
9718 195
20 year external 139
1944 FA 10318 Sale 10234 10338 48
9614 9714
1962 FA 974 Sale 9634
Public Works extl 5148
9138 9373
30 year external 130
1952 P.O 10278 Sale 10212 103
923, 30
• argentine Treasury 58
1945 MS 9178 923, 917
36
D 101 Sale 10034
40 year
1965
9714 99
9834 202
548
Australia 30-yr Eis___JulY 15 1955 J J 9812 Sale 9814
10112 66
99
External 158 Mar 15 __ _1963 MS 98 Sale 9714
9834 402
97
External 58 of 1927__ Sept 1957 M. 9814 Sale 9814
98
183
42 103 1043, Nuremberg (City) extl 6e......1952 FA 92
1943 ii 1033, Sale 10314 104
9212 9238
Austrian (Govt) a1 75
93
17
24
9614 994 Oslo (City) 30-year s f 68
99
1955 MN 10112 Sale 101
Bavaria (Free State) 6 45_ 1945 FA 9814 99 9812
10112 36
Sinking fund 545
1946 PA 101 10234 10034 10112
Belgium 25-yr ext s I 748 9_1945 J D 11514 Sale 11518 11558 57 114 116
9
1953 J O 104 10414 104
1941 FA 11058 Sale 11012 11138 43 109 11134 Panama (Rep) ext) 54e
20-year a f 8s
10414 13
Esti sec s f 634s
1961 JD 104
_ _ 1037s
1949 MS 10814 Sale 10778 1083, 38 1034 10914
25-year external 84s
10414 31
10138 140
988 10112 Pernambuco (State of) eat! 78 '47• B 98 Sale 9712
External a 168
1955 J J 10114 Sale 10078
98
35
Peru(Rep of) eat]85(of'24)_1944 P.O ____ 110 10912 Apr'28
External 30-year a I 7e
1955 ii) 10812 Sale 10814 10834 193 10614 109
1944 AD
Eat! 8s bier 01 1926)
11018 11018 Mar'28
Stabilization loan 7e
1956 MN 10612 Sale 105, 1067 100 10414 108,4
Esti sink fd 7.1411
194(1 MN 10612 Sale 10638 107
ftrrgen (Norway) ri f 8s
1945 MN 113 11314 11318 11314 1,3 11234 11334
10
21
98s 102
Esti s sec 7 k,a (of 1926)1956 MS 10334 104 10658 107
45-year sinking fund Be__ _ 1949 AO 102 Sale 10012 102
28
13
97 100
Eat] 5 I sec 75
1959 MS 10334 Sale 10338
smile (Germany) 64e
1950 * 0 100 Sale 9934 100
10414 51
5 10378 10878
Nat Lean esti e 16s
1960 J
9222 Sale 9214
Bogota (City) ext'l a f 85._ .1945 AO 10612 10712 10612 10634
93,4 119
Poland (Rep of) gold 65
1940 * 0 8638 Sale 86
1078 72 10312 108
Bolivia (Republic of) 88
1947 MN 10714 Sale 107
8612 51
54
9334 9812
98
98 Sale 9712
Stabilization loan e f 75_1947 P.O 9138 Sale 9114
Ext1 pee 7s tern
1958 J
9134 163
9958 10112
56
Eat! sink fd g 85
1950 J J 10114 Sale 1014 10112 24
Bordeaux (City of) 15-yr 6s_ 1934 MN 10012 Sale 10012 101
Brasil(US of) external 8s__ .1941 J D 113 Sale 11234 1133, 25 107 11334 Porto Alegre (City of) 88_1961 J
108 109 108
109
16
232
Ex(i guar sink fd
92
9912
99
External e I 64s of 1926.1957 P.O 984 Sale 9812
-1966 • J 10334 Sale 103
10334
8
973 9912 Queensland (State) extle f 781941 P.O 11512 Sale 11312 11514 12
9914 134
Eat]s f 648 of 1927
1957 P.O 9834 Sale 9838
17
Cs (Central Railway)
103
97 103
1952 J D 10218 Sale 10218
25-year external 6e
1947 FA 10778 Sale 107
10778 14
104 1083, Rio Grande do Sul extl e f 88_1946 AO 10612 Sale 10612 10778
71.48 (coffee aecur) (fiat) _1952 P.O 10712 10812 10858 May'28
5
Bremen (State of) eat! 7s
1935 MS 1023.1 Sale 10234 10278 16 1014 103
Extl s 1 78 01 1926
1966 Ni N 9934 Sale 993
9934 32
94
9512 54
Brisbane(City) s T5.4
1957•B 95 Sale 947
9578 Rio de Janeiro 25-yr 8189
1946 P.O 10812 Sale 10878 110
31
8858 Sale 8814
85
89
Budapest(City) gills Bs__ _1962
25-yr eat! 8s
8518 89s
1947 AO 96
9612 10978 Apr'28
28 100 10214 Rome (City) extl 648
101
aueuris Aires (City) esti 6481955 J I 100 10218 100
1952 AO 96 Sale 9534
9614 332
100 Sale 100
10018 79
9612 101
Buenos Aires (Pros') eat! 7s.1957 J
Rotterdam (City) extl as__ _1964 MN 105 Sale 105
106
31
101
Ni
9618
100 Apr'28
Extl s f 7s 01 1926
1958 M
Saarbrueeken (City) 68
1953 JJ 9312 Sale 9312
9438 13
9512 97
Ref eat! f 58
1961 MS 9534 Sale 95,4
Sao Paulo(City)5188 .Mar 1952 MN 11912 Sale 11834 11922
9618 73
3
9312 Sale 9258
Bulgaria (Kingdom) a I 79_ _1967 J J
8934 934
9312 14
Extl 5 1 648 of 1927 __1957 MN 100 Sale 9912 100
27
San Paulo (State) teals I 86_1936 J J 10612 107 10614
10614
2
10138 41
98 102
Caldas Dept of(Colombia)7>48'46 .3 .1 101 Sale 101
External sec 8 f 85
1950 J J 10834 1091 1083
3
10922
1931 AO 10112 Sale 101
10158 29 101 10212
Canada (D0f1litl1
58
External II I 7a Water L'n_1956 MS 1023 Sale 1028
14
9
103
1929 FA 100741 Sale 1008 10078 52 10012 10214 Santa Fe(Pros% Arg Rep)79_1942 MS 993 Sale 994 100
10-year 5.411
49
1952 M N 1063, Sale 10612 10714 116 10612 109
Seine, Dept of(France) sill 75'42 JJ 10612 Sale 106
68
10634 57
1936 P A 10014 Sale 10014 10114 43 10014 101h Serbs. Croats & Slovenes 88_1962 MN 10114 Sale 101
4448
10138 16
3 105 10934 Solesons (City of) eat]65
1954 ii 10934 Sale 10934 10934
43arlebad (City) 8 I 8a
1936 M N 10034 Sale 100
1007
56
20
9814 103
Styria (Prey) extl 78
Cauca Val (Dept) Colom 748'46 AD 10212 Sale 10214 103
1946 FA 951g Sale 9518
9612
7
9912 10114 Sweden 20-year 68
1003.4 110
1939 J O 10278 Sale 10212 1034 30
Cent Agri° Bk (Germany)781950 MS 100 Sale 100
.9138 Sale 9138
913, 9312
92
1960 J J
20
External loan 51.4e
Farm Loan s f
1954 MN 10234 10334 10278 10334 26
933
ctf_1961,
Sale
9114
157
9114
9178
A0
Swiss Confed'n 20-yr a f 88_1940 J J 112 Sale 1113
91
Farm Loan sf(is lot
11238 27
5
9512
9512 9512 Switzerland Govt ext 514e 1946 A0 103 Sale 1027
Farm Loan 65 series A___ _1938 P.O 9512 Sale 9512
103
34
11058 21 108h 11134 Tokyo City 58 loan of 1912._1952 MS 81 Sale 81
Chile (Republic) eat' aI 8e1941 P A 11014 Sale 11018
8212 93
77 1003, 104
Esti s f 54e guar
1942 MN 10318 Sale 1023, 1031 1
1961 P.O 9214 Sale 91
30-year external s 1 78_
9418 810
11018 May'28 - 108 11114 Trondhjem (City) lat 5148. 1957 MN 9858 Sale 9812
46-year external aI 88___ _1946 MN
9834
12
9138 9738 Upper Austria (Pros) 78_ _1945
9618 185
D 985, Salo 9838
External sinking fund 66_1960 * 0 9578 Sale 9534
9838 21
9534 Sale 9534
External s f 6 Yis_ _June 15 1957 J D 90
9614 192
1961 P A
9138 97
External e f lie_
90'i 90
90
3
933
155
Sale
97
9614
Uruguay
.1
J
P
A
(Republic)
toll
953
4
96
,
4
1961
85_1946
1084 Sale 1084 1094
Ry ref extl 8 I 68
9
958 99,
9934 102
External of tia
4
1960 MN 9912 Sale 99
'Ohne Mtge Bk 6348 June 30 1957 ID 9812 Sale 9812
100
88
997
68
9634 10018 Yokohama lefty) extl 6e
1961 JO 9712 Sale 9612
9914 372
El I 6345 of 1926...June 30 1961 J D 9934 Sale 99
5
29
254 29,4
Railroad
D 2634 2812 29
Chlneee (Flukuang Ry)5e_ _1951
6
9934 101h Ala Gt Sou 1st cons A fie_ 1943 J O 10612 Sale 10612 10612
10012
'Christiania (Oslo) 30-yr ef 881964 MS 10014 101 10014
1
5
98
Ala
Mid
9614
985
98
,
2
1st
guar
993
2
s
MN
gold
98
,
4
MS
55_1928
100_ 10014 Mar'28 - - Cologne (City) Germany64e1950
91% 9538 Alb dr Susq 1st guar 348
9518 181
1946 * 0 8838 912
-g - 884
89
Colombia (Republic) 6s. __ _1961 .1 .1 95 Sale 9412
70
95
9512 Alleg & West let g go 4a-- _1998 P.O 934 95
9518 219
1961 AD 9412 Sale 9412
953* Feb'28
External a f 88
111
93
91
9312 Alleg Val gen guar g 45
1942 MS 97
98 9324 Apr'28 Colombia Mtge Bank 6 4s_1947 AD 92 Sale 917
Ann Arbor let g 4a
9458 98
35
97
0612 Sale 9612
July 1995 Q J 83
843
, 8318 Apr'28
Sinking fund 7s of 1926_1946 hi N
943
4
98
32
Ateh
Top
&
9712
99
Sale
S
96
P
A
P.O
1947
Fe—Gen if 48- 1995
9612 Sale 965,
97
Sinking fund 7e of 1927.._
54
9934 202
34
9934 Sale 9934 100
Registered
P.O
957 Apr'28
Copenhagen 25
-years f 548_1944 .1
9504 101
Adjustment gold 48__July 1995 Noir -6178 -9319834 79
1952 J O 98, Sale 9838
4
9134
External 58
5
9134
101
96
25
100
99
Sale
9914
Registered
Nov 8812 ____ 8914 Dec'27
Cordoba (City) extl sf7s. 1957 P A
_
Stamped
9812 100
9978 15
July 1995 MN 92 Sale 9134
923
External s 1 7s Nov 15 1937 NI N 9934 Sale 99
42
Cony
98,
6
gold
10112
101
10012
ta
of
9918
1909
J
D
J
J
1955
-- 94
922
Apr'28
eOrrloDa (Pros') Argentina79 1942
Cony 48 01 1505
54
99
9412 9934
1955 • D 92 2-9312 925,
92h
2
Costa Rica (Repub) extl 7s1951 • N 99 Sale 9812
097 10234
Cony g 48 issue of 1910- 1960
10012 103 10112 10134 20
D --__ 9218 9334 Jan.27
1944 M
Cuba 54 0( 1904
East Okla Div let g 4s
1004 103
103 May'28
1928 M
997 Feb'28
External 55 of 1914 stir A.1949 P A 1021 1
Rocky Mtn Div let 48_1965 J
96 10014
- - 97 May'28
9214 Sale 9214
External loan 4 46 9er C 1949 P A 9712
9314 12
Trans-Con Short L 1st 4e_1958 J
40 1013, 104h
-10338 104
1953 ii 10334 Sale
_ _ 9514 May'28
Slaking fund 534s
Cal-Ariz let & ref 44s A 1962 MS 102
9312 9938
99 Sale 98h
994 90
9414- 4 102 May'28
1023
Cundinamarca (Dept-Col) 75 '46
Atl
1083
4
112
59
Knoxv
110
1107
8
1107
8
Sale
&
Nor
1st
g
fa
*
0
JO
_1951
1946
10412
_ 103 Mar'28
risectiorgovakla (Rep of) 8e.
All & Cheri A L let A 4148_1944 J
37 10812 112
100
10034 Apr'28
Slaking fund 8e ear IL....1952 P.O 111 Sale 11012 111
lst 30-year 58 series B
105 106
103 Mar'28
1944 4, 10412 1-07 10418 May'28
Externals 1 1345 series A _ _1945 AD
11112
11114
Atlantic
11018
22
11114
City
Sale
1st
11114
cons
43._
1951 Ji 927 94
974 May'28
Daniali Cons Municip8e A..1946 FA
1946 P A 11112 Sale 11112 11112 15 1104 11134 Atl Coast Line 1st cons 4s July '52 MS 97 Sale 963*
31
97
Series B s f 8a
10518 86 10434 1064
Registered
MS
9738Feb.28
Denmark 20-year °atlas_ _ _1942 .1 .1 105 Sale 105
General
99
193
97
9834
unified 441
1964 J O 1014 102 10134 101h
8
Deutache Bk Am part ctf 68_1932 Si S 9814 Sale 98
LA N coil gold 4a___ _Oct 1952 MN 9314 Sale 9314
99 10038
1004 33
5
93,4
Dominican Rep Cust Ad 548'42 MS 100 Sale 100
3
9738 10033 Ati & Day Ist g 48
9834
1948 .j
9834
81 Sale 8014
81
7
1940 AD 9834 100
let err 5 tie of 1926
2d 4e
9S58 99
1948 J J 73 Sale 73
9878 18
737s 24
2nd series sink fund 534s 1940 AO 984 Sale 985s
9 10014 102.4, All & Yad 1st g guar 4s
1949 * 0 9214 Sale 9134
9214 26
Dreedeu (City) external 73_1945 MN 10114 102 10112 102
Austin
&
N
W
let gu g 193_194 i J J
10314 34 103 10538
_ 105 10212 Feb'28
Dutch East Indies extl 68
1947 .3 .1 103 Sale 103
10314 23 103 10512 Balt at Ohio 1st g 4s_,_ _July 1948 * 0 9612 Sale 9638
9712 51
AO-year external as
1962 MS 10314 Sale 103
Registered
10212 10414
103 10314 10212 May'28
July 19414 QJ
95 Mar'28
30-year external 54e
1953 M
20-year cony 454e
2 10212 10412
1933 MS 100 Sale 100
30-year external 548
10018 274
1953 MN 10212 Sale 10212 10212
Registered
5 10712 114
▪ S
_
10018 Feb'28
11214
1049 I I 112 113 112
10 Salvvin. ,..enob) 85
U. S. Government.
Ask
Bid
-Wont Liberty Loan84% of 1932-1947
J D 100,242 Sale
Cony 4% of 1932-47
J D 101 101.42
Cony 434% of 1932-47
ID (012742 Sale
J O 1012.42 _
cony 44% Of 1932-47
.
rlllrsj Liberty Limn—
&4% of 1928
MS 100242 Sale
'Fourth Liberty Loan—
&4% Of 1933-1938
AO 1022522 Sale
_treasury 44e
1947-1952 AO 1142.42115
Sale
rreasury 4s
1944-1954 J O 110
rreaaury 314e
1946-1956 MS 1062.42107242
Sale
rreseury 348
1943-1947 ID 102
C On the nuns of 55 to Um
stealing
Range
Since
Jan. 1.
High
Law
9513 10013
994 10212
9813 10133
9273 96
98 101
98 101
us% 11934
106 1094
10683 10741
102 104
10512 10634
11634 119
(8814 902.1t
c98% 98%
1004 10914
96% 100%
874 92
9934 10134
934 994
10314 10191
9834 101
94
974
984 101
102 1034
97
9714
97% 100%
9514 994
94 100
9514 10114
9134 9434
10114 1054
99 10113
984 102
994 10112
9934 1014
3314 374
49s 4924
35
4333
3614 4333
224 32
32713
25
2212 31
374 4673
3618 4614
914 9543
1024 10434
10573 109
10173 10314
944 96
9434 96
102 10334
102 1041e
10138 10314
1004 1024
9714 98
9213 9334
1004 103
99 103
103 1044
102 10414.
9511 984
10913 1104
10912 11014
10614 1074
1061e 1074
10278 10478
9034 94
8013 87
8913 9178
984 1014
10411 109
10138 1044
11338 1157e
106 10811
10512 10814
9918 100
10538 11014
1054 1104
9113 9614
104 106
9311
11214 120
9634 1004
106 10838
10612 1094
10034 104
9434 10013
10338 10634
974 10113
981a 10114
9413 97
1021s 105
10278 1054
11138 11338
10238 10513
7613 84
874 95
974 9911a
97
994
90
90
10814 1101*
96% 100
94 100
10612
10014
8814
92
9314
8138
9638
95
9112
1084
1004
914
954
99
844
99
964
945o
91
149213 94
9112 94
---- -9978 9973
9214 9414
9313 96
102 1044
107 1074
994 10034
1044 10714
91
934
9538 9814
9738 974
10134 104
9318 9534
79
85
7233 764
8814 9238
10214 1024
9513 98
95
964
9955 101
10014 10014
2939
New York Bond Record -Continued-Page 2
BONDS
ni Yr STOCK EXCHANGE
Week Ended May 11.
t3
Price
Friday,
May 11.
Week's
Range or
Lan Sale.
a
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended_May 11.
S•22
Price
Friday.
May 11,
Week's
Range or
Last Sale.
Roam
Since
Jon. 1.
Ask Low
Hick
Rio) No. Low
Rid
_ 10264 103
Jhio & West Ind gen g 69_0932 QM 10434 105% 10558 May'28
9118
Sale
9118
9112
911s 9312
8
J
J
1952
Consol 50-year 4s
10418 48 1041s 10572
1962 MS 10412 Sale 10418
lit ref 534e ser A
10534 10738
10534 May'28
:..hoo Okla & Gulf cone 5a1952 MN 10512
2
99 100
100
100
J
1937
JlnH&D2dgoid4340
9732 9838
9852 11
7 I St L & C 1st 411---Aug 1936 Q F 984 ---- 9812
14 9714
97
9714
Feb'28
1936
Aug
Q F
Registered
9314 9334
1942 MN -6:08 IA 9334 Feb'28
lo Leb & Nor gu 49 It
Clearfield & Mall let gu 59-1943 3, loo78 -- 9912 jan'27
9611 13 -658 WI;
D 9618 -9712 9612
Cleve CIO Cb & St L gen 42_1993
Ica look
1931 '.5 10034 Sale 10018 May'28
20-year deb 434e
1 loot, 116
10834 1084
_
1993 3D 112
General 59 Series B
10138 28 101 103
Ref & Impt 65 series A_I929.1, 101 1-01-14 101
2 1054 108%
107
1941'3 10518 107 107
RefAlmpt6eeerC
.1 10334 10414 10334 10418 13 10338 1054
1963
Ref & Im pt fra ser D
9838 9664
J
9634 -- 9634 May'28
1939
Cairo Div let gold 48
91% 9312
9212
9218 -9312 921:
Cln WA M Div let t 48_ _1991 J
91% 94%
9218
924 11
St L Div 151 88011 tr g 49_1990 MN 9218 94
96 974
9612 9634 May'28
1940 MS 96
Spr & Col Div 1st g 49
Apr'27
9612
J
--9614
1940
W W Val Div let g 4s
42 -6514 fobis
100
1977 3, 100 Sale 9934
Ref & Impt 434e sir E
lops 1081,
1962 A 0 10858 110 10812 1084 11 10812 11034 C1CC&I gen eons g BEL__ A934 33 1074 10914 10734 May'28
Canada Sou cone gu A M
6 1025. Hug,
9912 10214 "ley Lor & W con let g 59_1933 AU 1024 Sale 10258 103
43
Canadian Nat 4348.Sept 15 1954 M B 9912 Sale 9912 100
1 10118 10118
10118 10118
10212
10112
.1
.1
1938
68
g
Val
Mahon
&
Cleve
56
8
101
Sale
1003
4
993
100
A
F
1930
100
5-year gold 434e_Feb 15
_ 100 Nov'27
9914
9912 1024 CI & Mar let tu t 454s__.1935 MN
1957 J J 9934 Sale 9912 10012 150
30-year gold 4348
ioil4 10134
Cleve& P gen tu 434e sir B_194 AU 101 foil, 10134 ,3ar'28
43 11512 117
Canadian North deb a I 78_1940 J D 116 Sale 11538 116
10214 Nov'27
33
-101
194
430
A
Series
5
12212
121 123
19463 J 12214 123 12214
25-year a . deb 6348
9084 9014
Apr'28
9014
-194 hi N 904
Series C 3349
9914 10314
994 Sale 9938 10058 29
10-yrgold 43:e__Feb 15 1935 F A
8958 896,
8958 15
-- 8958
1950 FA
9984 100
Series D 330
8914 92
Canadian Pao Ry 4% deb Nock__ J J 894 Sale 8914
lows
10214
May'28
10318
105
894AO
10314
4348_198
29
9918 10114 Cleve. Shor Line let ICU
Col tr 43:e
1946 M S 9912 Sale 99l3 100
2 19938 1104
197 AO 106 107 10934 10934
9814 9814 Cleve Union Term 5348
1932 M S ____ 991 9814 Apr'28
Carb & Elhaw IN gold 4s
3
10712
106
107
10612
4
A0
1063
106
197
B
ser
be
f
lat
80
85 Mar'28
85
90523
194 .1 .1 84
Caro Cent let cone g 4e
194 3D 9338 -- 9212 Nov'27
Oaro Clinch & 0 let 30-yr 5e 1938 1 D 105 105'2 105 Apr'28 -- _ _ 10234 10512 Coal River Ry let gu 4e
64
.
19T2 1-0
993s 15 -19912 Sale 994
1929 FA
3 108 10912 Colorado & South let g 48
1084
let & con g 68 series A
_1952 3 0 108 Sale 108
9814 100
9858 14
9812 Sale 9812
Refundlng & eaten 430_1935 MN
2
94
95
94
19813 D 94 Sale 94
Cart & Ad lat gu g 4e
964
96
96 May'28
1948 AU 9512 98
Col & H V 1st ext 49
5
8758
1948 1 D 8612 8811 8758
Cent Bmnch U P 1st g 4s
8712 90
9478 9534
3
9534
9534
1955 FA 9534
10558 10818 Col & Tot let ext 49
Central of Oa let g 5s_Nov 1945 F A 1084 ___ 10534 May'28
90
90
90 May'28
6 10512 10714 Conn & Paasum RI, let 46..1943 A0 90
Consol gold Si
1946 hi N 10512 107 10512 10512
: 9612
961
964 Apr'28
1930 PA 9612 -98
10212 10414 Consol Ry deb 49
_ 10414 Feb'28
F A 10458
Registered
8218
79
May'28
79
Sale
7918
J
J
1954
4e
31 10038 10214
Non-cony
10-year secured 6e _June 1929 J D 101 Sale 10034 101
8618
78
1
8012
33 7812 8114 804
10812 87 107 10838
Ref & gen 534e series 13___1969 A 0 10634 107 1073
8112
80
Jan'28
8112
_
_
0
A
1955
4e__A&O
deb
Non.conv
Mar'28
1044
0
8
1033
10334
107
105
1959 A
Ref & gen 5e aeries C
8314
7612
Apr'28
8
815
78804
7812
3
19563
Non-cony debenture
_
9518 Mar'28
954 9512
Chatt Div pur money g 49_1951 .1 D 9414 96
9612 9814
9778 60
1942 J D 97 Sale 97
Cuba Nor Ry let 5345
_
Mao & Nor Div 1st g 56_1946 J J 107 109 10712 Oct'27
100
4
973
Sale
100
5
4
993
100
J
J
1952
50
1st
RR
g
58
-year
fogs fiTiii Cuba
_ 1034 Apr'28
Mid Ga & AU div ba
19473 J 10318
7 10814 110
109
1936 .1 D 109 Sale 109
let ref 734e ser A
8
614 18086758
86
10
Mobile DivIsion 5e
19463 J 107 166 1064 Mar'28
9918 10114
4
10114
100 101 101
let lien & ref U ser B
8678 31
8634
1961 1 J 8634 87
Cent New Eng let gu 4a
9934 10012
Apr'28
100
-994
J
D
1
3
1
3
93
9
1
43_1
9 100 10034 Day & Mich 18t cone 0
100
Central Ohio reorg 4301930 hi S 9814 100 100
9418 9654
941:
95523 60
Apr'28
10012 1014 Del & Hudson let & ref 4e_ -1943 M N 9434 Sale
Central RR of Ga coll g 59_1937 TA N 10114____ 101
10212
___ 10212 May'28
100
2
1021
0
A
1936
be
cony
1
-year
30
11614
J
11614
116 11714
11614 11912
1937 3
Central of N J gen gold 1Se
107
104%
38
Sale
10514
105
10514
N
1937 131
15-year 53:8
11618 11818
1937 Q .
Registered
1 11512 117 11618 Apr'28
7 104 107
1051
10412 10434 105
10-year secured 79
9638 99
97 May'28
9714 1987 1 J
General 4e
Apr'27
9634
_
96
A
D
F
3
36
3°
9
19
g_1
45
gu
let
8
4
94ta Eris D RR & Bdte
94:
95
34111442 Sale ,
,14
1949 1r A 19
Cent Pao let ref aU g 45
9314 14 -15238 94
__
Den & R G let cons g 4s____1936 J 3 93 Sale 93
Jan'28
13 A
94
94
94
Registered
9614 9814
3
974
97% - 974
Consol gold 434e
6
99
Mtge guar gold 3Ns _ _Aug 19293 D 99 IC11-4 99
9914
99
,
9974 1001
May'28
8
00
997
13
997
3
D
.1
63
38
92
19
_
_9
Improvement gold 513
Apr'28-7
9514
94
Through St L let gu 49_1954 A 0
8914 97
Sale 96
965.3 114
Guaranteed g le
1960 F A 10414 Sale 10334 10438 47 10314 10512 Den & KG Wart ten ba_Aug 1955 MN 9612
35
274
35
5
35
35
30
1
1
-1935
45___
____ 11938 Aug'27 _
Dee M & Ft D let gu
Charleston & Sayn'h let 78._1936 1 J
32
26
32 May'28
32
3 1045" foIsi
Temporary ctfe of deposit_ -__ -- 31
100
Cheri & Ohio fund & kept 58_1929 1 .1 100 10012 100
10214 10214
- 1024 Feb'28
5 10614 107114 Des Plaines Val let gen 4348_1947 M S 99
10718
lit coneol gold be
1939 M N 10718 Sale 107
81
82
80
81
13
_
81
D
3
1
6
9
190
Det & Mac_ let lien g 4s
106 Apr'28
10558 106
1939 M N
Registered
78
70
75
7
75
75
14 10018 105
Gold le
102
General gold 430
1992 M S 10144 102 10134
103
101%
May'28
103
8
3
6i
1
N
IS
10212
43:9_1981
Tunnel
River
161 B 1004 10012 102 Apr'28 -- 100 10214 Detroit
Registered
July'27
1034
104
10038 38
9978 10118 Dul Mhsiabe & Nor gen 159-1941 J J
1930 F A 100 100's 10018
80-year cony 4949
3 10234 1031,
103
103
1937 A 0
1940 .1 J 10134 ____ 10118 Apr'28 -- 101 10238 Dul & Iron Range let 5a
Craig Valley let 58
102% 102
10278 Jan'28
A 0
__
Registered
9134 934
Potts Creek Branch let 49_1946 .1 J 9238 __
934 Mar'28
3
8514 90
8678 Sale 8514
8678
6
9534
9438 9512 9438
R & A Div 1st con g 4a__1989 J J
9458 9534 Dul Sou Shore & Atl g 5a___1937 .1
96
95
Mar'28
95
-9518
N
O
m
A
6
8
5
9
1_'4
40
let
Div
Nor
Minn
9258 May'28
26 conaol gold 4e
9112 9234 East Ry
1989 1 .1 9258 95
2 10058 10414
____ 10212 Mar'28 -- 10212 10212 East T Vs & Ga Div g 58,.,,,,.1930 3 3 10114 Sale 10058 10114
Warm Springs V 1st t 59_1941 M 8 101
10974 11012
11014 111 11014 May'28
Cons let gold Si
9978 Sale 9934
10018 268
Cheap Corp cony 59 May 15 1947 M N
98% 10038
10314 10612
7234 May'28 -Elgin Joliet & East let a 511_1941 IS N 10514-- 10514 May'28
1949 A 0 7234 73
Ohio & Alton RR ref g 3s
7134 74
109 10914
sjj 109 109 34 10934 Mar'28
A O
j3
33
72 Apr'28 7114 74
7312 El Paso & S W let 58
Ctf den stpd Oct 1927 lot
72
104 106%
22
Sale
10418
10418
1044
5
9967
6
9930
9
119
1
ext_1
14
7e
gold
consul
7234
Railway first lien 33:13____1950 1 J 6914 Sale 6914
5878 7234 Erle let
91
89
8978 Sale 894
894 50
7018 22
6914
let cone g 45 prior
6918 70
Ctis dep Jan '23 & sub COUP
7034
59
_ 86
86
Jan'28
86
Registered
3
Ohio Burl & Q-III Dry 35:9_1949 J .1 8978 _-_ 8938
8958
8834 914
84
844
86%
83%
40
Sale
84
s3 3
996
19
let consul gen lien g 4e
8938 Feb'28 - .1 J
8958 9014
Registered
8714
Jan'28
82
86
9634 13
96
Illinois Division ts
9834
1949 J J 9638 9718 9658
Apr'28
104
10212
105
A
104
101
F
1951
4
883
8
953
46
gold
trust
e
llred
M
co
9712
47
Penn
8
9614
963
9614
1958 M S
General 45
8612 8912
9
8612
12 10118 10278
50-year cony ta aeries A1963 A 0 8614 Bale 8612
let & ref 430 ear B
1977 F A 10158 Sale 10138 102
O
N
8614 8912
861 8612
8612 17
7 10612 11014
10812
Series B
1st & ref fra aeries A
1971 F A 10814 Sale 10814
86 8812
86
3 86
A 0
j
1
881 86
106 10718 Apr'28
Gen cony 4e series D
10678 10718
Chicago & East III let 69_1934 A 0
99%
97
98
IS
125
9778 Sale 9738
115
91
0& E III Ry (nem co) con 50_1951 MN
9034 Sale 9014
Ref & impt Si
93
85
11478
113
26
4
1143
11414
115
11314
Ohio & Erie let gold 5a
s
4
!e
e
&
1982 IS N 11078 11112 11078 11078 10 16
ees
s
al
1
21
12
17
012
16
11234 115 11234 11312 10 11238 115
71
7134 63
Chicago Great Wart let 4e 1959 M S 7114 Sale
102 102
Jan'28
J
3 3
102
775 1
3
0
;
985
1199909
_1
Chic Ind & Louley-Ref 65_1947 J 1 11778 --__ 11712 Apr'28
l3
r'
ivuyeg
g
: :111
Se
ta:
et feeS
1N
"
116% 11814 Erie & PittaDrae
92
9034 94
92
5
_
106
Apr'28 _
1940 1 3 91
1947 .1 J 10518
Balm 0334s
106 106
Refunding gold Si
195454 N 104 Sale 10334 104% 107 10034 104%
1947 J .1 9258 9638 9114 N1ay'27
Est RR exti e f 76
Refunding 4s Berles C
1 100 10212
1 1053* 10:
106
1966 M N 106P 10678 106
l074 Fla Cent& Penn let est g 58_1930 1 3 100 -- 100 100
General 5e A
6 10214 10234
10212 Sale 10212 10212
J
2 10914 11112
10938
Como' gold 58
May 19663 J 10958 11012 10938
General 6e B
_
9914 10112
s 9912 --- 9938 Apr'28
34 D
9 .1
54
01210 Ind & Sou 50-year 49_1956 1 J
9478 954 9514 May'28
97
947 9612 Florida East Coast let 43:9_ 19
834 9112
75
89
8814 Sale 8814
Ohio L B & East let 4 Na____1909 1 D 10112 10212 10212 May'28
let & ref ba aeries A
102% 10212
4518 62
26
47
46
75 Mar'28 _ _
OM & Puget Bd let gu 4e___1949 1 .1
Fonda Johns & Glov 4348-1952 hi N 454 47
704 75
981: 9934
9112 9120
92
10
9748 - 9934 Apr'28
COM & IMP gen g 4s Ser.4_81989 1 1
9112 9312 Fort St U D Co let g 43:e_1941 J
10712 108%
9034 Apr'28
Q J
- 10712 Apr'28
- 4
Registered
9034 9138 Ft W & Den C let g 51.0_ _1961 J D 105 1063
9914 994
994 14
8118 May'28
General gold 334e sir B__s1989 J .1 -g5
iF8
80% 8134 Ft Worth & Rio Gr let g 48_1928 1 J 9934 9978 9934
10614
_
_
Apr'28
1074
1013
Sale
4
107
l4
l0
0
Gen 434e series CMay 1989 1 1
10714 10818
10212 23 10012 10414 From Elk & Mo Val 1st6e_1933 A
22 10034 102%
101
100 Apr'28
1931 MN 10034 101 10034
100 10012 GH&SAM&Plet ba
Registered
5 100% 101%
_ 101 10038 10038
Gen & ref ser A 434e__Jan 2014 A 0
7314 Mar'28 _
26 eaten. 58 guar
725s 7478
98% 1006s
11
99
3 ioi Sale 99
75 Mar'28
_
Gen ref cony aer Is 5a Jan 2014 F A
Gal, Horn & Hand lit ha...193
1A 0
7018 75
193j
98 101%
17
19343 .1 ioij4 gife- 10238 103
48 10258 104
lst ear 6e
Ga & Ala RY let cone 5a_Oct 1945 1 1 100 100% 100% 101
97
100%
2
99
D
99
1
75
4
993
9818
Mar'28
1932
Debenture 434e
71
Ga Caro & Nor let gu a 5s1929 1 1
75
79
77
7178 Feb'28
1925 1 D
1946 A 0 7712 7514 79 Apr'28
Debenture 48
734 Georgia Midland lit as
71
1004 101
1934 J J
__
7214 Feb'28
1941 1 J 10038 101 101 Mar'28
25-year debenture 40
704 73% Or R & I ext let gu g 430
117
115
11
97 Bale 9634
9712 614
Chic Milw St P & Pao 5a1975 F A
9518 9812 Grand Trunk of Can deb 79_1940 A 0 11512 116
17 107% 109%
78 2674
Cony sell 5e
Jan 1 2000 A 0 7712 Sale 7614
6178 7934
1936 M S 107% Sale
15-year 8 f 6e
9834 99%
21i
5
11
'
13
Fel-6
Chic & N'west gen g 3Ne-1987 hi r. 8418 8438 8478 May'28
83
86
Grays Point Term let M.-1947 1 D 9918 - -132 11414 118
9.i8i1442
14
96
84 Mar'28
Q F
_
Registered
84
1936 1 1 11512 Sale 1i
84% Great Nor gen 7e series A
11418 114%
Apr'28
11412
_
J
95
.1
1987 M N
13
9434 9514 9434
9412 99
General ts
Registered
10212
gide 10038 101 22 100
_
Apr'28
J F 93
9578 94
94
94
Reghrtered
lat & ref 432e series A ____1961 1 1
38 110 1154
9434 May'28
9434 96
*Nod 48 non-p Fed In tax '87 M N
1952 1 1 11038 Sale 11012 1111
General 53:e series B
9434 9634
109
10612
34
10718
10612
Sale
10612
10878
1 103 113
Gen 432e Ned Fed Inc tax_1987 hi N 108 110 10818
General be series C
99% 1014
26
1003
114
5 112 117
Gen be Mod Fed Inc tax __1987 M N 41014 11312 114
J 1004 We 100
33 j
976
19
General 434e series D_1
9934 101%
12
100
9912
hi N 10834 112 113 Mar'28
113 113
Registered
3
3
1977
E
series
General 4301
86%
86
8- 86 Mar'28
3 1015* 10238 Green Bay & West deb ctfe A___ Feb 857
1879-1929 A 0 10138 --- 10138 1014
Manna fund 68
2914
23
9
26
Feb 26 Sale 26
1003* 10138 Apr'28 _1879-1939 A 0
10034 1014
linking fund be
Debentures We B
9538 9372
10212 14 102 10318 Greenbrier Ry let go 48----1940 M N 9534- 0578 Mar'28
1933 M N 102 103 102
i Sinking fund deb 5a
9 10614 1074
10714
IS N 10112 103 10218 Mar'28
_ 10218 10218 Gulf Mob & Nor let 534i-1950 A 0 10618 Sale 1064
Registered
103 104
1950 A 0 102 102% 103 Mar'28
1930 J D 10412 Sale 10412 1048 31 10318 10612
10-year secured leg
let M 6a aeries C
10712 10814
10812 111 11334 May'28
- 107% Apr'28
1124 11414 Gulf &SI let ref & ter g 56_51962 J .1
15-year secured 694e g____1936 M
104 10712
10438 11 12 105 May'28
12 111 114
11114
May2037 .11 D 11114 Sale 111
'sire( g 5a
Hocking Val let cons a 43:s-19
3 :
1999 3
.. 107%10412 10412
Feb'28
10412
102
D
.1
1014
1014
102
2037
4
May
4345
let & ref
10112 19412
Registered
10112 10144
3
10112
10112
93
3
9234 9278 9234
9234 96
Ohio R I & P Railway gen 4s_1988 1
Housatonic Ry cone g Fre_ -.1937 M N
10312 10434
104
104
_
91 Sale 91
1
1
91
19373 1 104
91
9218 H & T C let g Int guar
Registered
3 10312 10312
102
9612 50
1934 A 0 9558 Sale 9558
9518 9634
Refunding gold te
Waco & N W dly let 68-1930 IS N 102 Sale 102
10134 102$4
Apr'28
A 0
1
9514
9514
9514 Houston Belt & Term let 65.1937.3 3 100 10012 102
95
Registered
1007s 10072
954 176
1952 M S 9514 Sale 95
974 Houston E & W Tex lat g 58_1933 81 N 10014 -- 10078 Mar'28
95
Secured a Ne eertes A
10074 10214
9234 10
1933 M N 10078 1-02 10078 Apr'28
92
let guar Si red
9234
Ob St L & N 0 Mem Div 48_1951 1 D 9234 9312 9234
10218 1033r, Hud & Manhat Si series A 1957 F A 10112 Sale 10112 10312 63 10062 10312
Oh Eit L & P let cons g 5a---1982 A 0 10212 10338 10278 Feb'28
9134 951a
154
94
934
Sale
94
0
A
8
1013
A
8
1015
Apr'28
0
1957
10138 10138
Adjustment income ba Feb
Registered
1
99
9712 9914
99
10214 21 10218 10358 Illinois Central 1st goki 48-1951 / .
1 96% 98
MN fit P M & 0 cons 69_1930 1 D 1024 1-0212 10218
8414 90
Apr'28
8412
90
89
D
98
9818
J
98
Apr'28
30-1930
t
98
gold
le
98
334e
Cone 6s reduced to 3
915* Jan'27
91
100 Bale 100
100
6 100 10012
1930 FA
5 Aj 4 89
99
19
Extended let gold 33N-1
Debenture Si
- 96 hiar'27 -_
7614
____ 100
100
Jan'28
100 100
let gold 3e sterling
Stamped
94
94
7
S 94
94
95
A O
9658
52 M
10112 12 1007 1038*
1961
Collateral trust gold M
Cale T H & Bo East let M__1960 II/ 10112 Sale 1004
96% 13
9534 98%
1965 MN 96% Sale 96
974 18
lit refunding 4s
Dec 1 1960 M 8 9678 Sale 961
9612 987a
Ihe gU 511
11
8712
88
9042
874
88
891t
103
Sale
1
103
19523
17
103
J
334s
1
A_1963
10312
lines
10114
Purchased
434e
ChM Un Bta'n IN gu
Apr'28
.1 J
85
85 85
6 10418 106
19633 J 1064 Sale 10538 1064
Registered
111 51 series If
9212 17
M N 9l8 927* 91%
M-19153
105
St
9132
104
D
10212
gold
May'28
trust
19443
Collateral
105
10312
Guaranteed 11 511
MN
91 Nov'27
19633 1 11734 118 11734 11734
Registered
1 117 11914
111 6345 series C
High
Ask coo
Alo111 No Low
Bid
Halt & Ohio (Ccvici.,ded)49 10218 /05
Refund & ten Si series A__1995 3D 10278 Sale 10258 103
1948 AO 107 Sale 10678 10734 39 106% 110
1st g 54
1996 JO 10912 Sale 10912 11034 55 10912 112
Ref & gen 6a :erica C
9514 9711
9578 Sale 954
9634 15
PLEA W Va Sys ref 48_1941 MN
10412 41 10334 1071,
.1 10412 Sale 10414
1960
Bouthw Div let 59
29
88
874 911,
87
J
4
873
4
873
Tol&CinDiv Ist ref 43 A.1959
1034 85 1024 1021
2000 MS 103 Sale 10214
Ref & gen bs Berta; D
May'28
10458
10244
104%
33
10412
1044
1943
5s_
181
Aroomook
Bangor &
23
91
9334
87
1951 „I 1 9018 Sale 9018
Con ref 48
6812 72
6812 Feb'28
73
D 68
Battle Crk & Stur let gu 3e_1989
964 15
9612 98
9612
1936 3, 9714 Beech Creek let ffU g 49
97
97 Apr'28
97
J 97
Registered
Jan'28
97
97
97
1936 .1 .1 100
2d guar a Si
8512 Aug'27
1951 AO 8218
Beech Crk Ext let g 334s
95
1944 3D 95 1i34 9434 Apr'28
93
Big Bandy let 49
844 88
BOIL & N Y Air Line let 4a 1956 FA 8618 8812 88 Apr'28
9818 974 Apr'28
9734 977s
1938 ii 97
Burns & W let gu gold 4s
10318 10318
5 103 1064
Buffalo R & P gen gold 5e1937 M S 10212
9518 25
955 9434
9214 981,
95
1957 MN
Consol 434e
Apr'28
102 10319
102
193: AO 10314
Burl C R & Nor let be
i Due Feb. eDUSM4Y
p
DIN Dee
2940
BONDS
1314 Yr STOCK EXCHANGE
Week Ended May 11.
Ole
I
New York Bond Record-Continued-Page 3
I
Piles
Friday.
May 11.
Week's
Range or
Last Sale.
i
to ,,,
Range
Bine*
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended May 11,
Pries
Friday:
May 11.
Range or
Last 824.
BONN
Mitre
Jan, 1,
Illinois Cent (Concluded)BO
Ask Low
Moe
Low
HOB
Bte
Ask Low
Mob No, Low
Refunding En
Iltoh
1955 M N 109 11014 11034 May'28 ---- 109 11078 Norris & Essex let gu 3388._2000
15-year secured 6 Ns g
81
88
1938 I J 11234 Sale 11218 11234 11 1124 1141. sash Chatt dr St L 4sSer A.1978 1 0 83% 8434 8414 May'28
9
A
95%
Sale
954
95% 72
4O-year 4.
9434 9614
Aug 1 1968 F A 10118 10134 10112 1021, 31 101 102% i Fla & 8 let gu g 5i5
F
1937
A
10314 10314 104 Mar'28
Cairo Bridge gold 4e
10312 1044
1950 1 D 9212 _ _ 9718 Jan'28 ---Oat Ry of Max pr lien 4346_1957 3 1
974 971
30 Sept.24
Litchfield Div let gold 38_1951 J 1 7918 -81-12 7912 Apr'28 ____
7912 7918
Assent cash war rat No 4 on
"Fiji 17 1638 104 30 1238 -1-6-7;
Louisy Div & Term g 3Na 1953 J 1 8618 8712 8678 May'28 ---, 8
7:
4 ,
81g14
Guar 70-year e f 45
1977 A--0
Aug'25
8711
Omaha Div let gold 3s 1951 F A 7814 _ _ 7814
7814
Assent emb war rot No Son
1
215g 2034
20
2114 14
171, 11"
Bt Louts Div & Term g 3a_1951 J I 79 131
80 Mar'28 ---80 90
Nat RR Mex pr I 4345 Oct_1926 J J
3812 July'25
Gold 330
1951 3 J 8514 90% 8914 Apr'28 ---8914 8915
Assent
cash
war rct No 4 on
-22j2237 2314 May'28
Springfield Div Ist g 846-1951 1 I
"iir
s 2314
_ 88 Oct'27 ---lot consol 45
1951 1-0
28 Apr'26
Western Lines let g 48-1951 F A -55- Wiz 92% Mar'28 ---- -Os -9-4-14
.
Assent cash war rot No 4 on _ _
15% Sale 1538
90 175-7;
15%
6
Registered
F A
92 Apr'28 90
92
Naugatuck RR let g is
194
50
43
M N
3 85
86% Nov'27
Ill Central & Chic et L & N 0
Engis.nd cone 3 i
9834 1-02 10212 Apr'28
10212 10-2-4
Joint let ref 56 series A....1963 I D 106 10714 10618 10738 13 10818 10814 New
Consol guar 48..
1945 3 J 8912 93
93
Mar'28
90
lat & ref 434s ser C
93
1963J D 9914 Sale 9914
99% 80
9878 101
NJ June RR guar let 4s____1986 P A 88_ 100 Apr'28
Gold 56
9038100
1951 J D 1084 10918 10611 May'28 ---- 10614 10812 NO & NE let ref & Imp4NeA'52
1 j 99% 11114
- 9914
9914
Gold 3346
9914 102
5
1951 J D 10518 ____ 107 Apr'28 ____ _ _ - - New Orleans Term let 46-.1953 I
J 93% 94
9312
9312 12
Registered
904 9511
J D 8334 ____ 8412 Jan'27 ____ 10518 10-7- NO Texas & Me:n-o Inc 55_19
954
35 A 0 9912 Sale 994
5
9912
Ind Bloom dr West let ext 46_1940 A 0 9534
9912 102
- 93% Sept'27
195 series B
994 100% 100
1003
4
Ind Ill & Iowa 1st g 42
994
14
101%
1950 1 1 95 -9-734 954
9512 ------------1.814
2
lit fie series C
1958 F A _
10314 103
10314
Ind & Louisville 1st gu 40_1958 3 3
7 103 105
9018 Feb'28 ---gels 914
let 4)45 series D
1956 F A 977 Salo 9778
Ind Union Ry gen 5e ear A 1965 J 3
9812 39
97%
99%
103 Apr'28 ---- 10212 105
let 5345 series A
1954
Gen & red 56 series B
11 10412 10512
1965 J 3 ioii. _ __ _ 10412 Feb'28 ____ 1044 10412 N & C Edge gen guar 430-1945 JA 0 10412 Sale 10412 105
J 9734 ---- 100 Jan'28
int & ON Nor 1st 615 ser A 1952 J J 10714 Sale 107
100 100
107% 24 10618 10812 N I' B & M 13 let con a 56-1935 A 0 101
101 Apr'28
Adjustment Ss ear A July 1952 Aprl 93 Sale 9214
101 101
93 244
90
9914 NY Cent RR cony deb 61-1935 M N 108 Bale 10712 108
Stamped
34 10712 10958
774 Feb'28 774 7712
Registered
107 Apr'28
let 5s series B
107
19563 J 995 Sale 984
994 14
9814 1014
Consol
4s
series A
1998 F
M N
lig WI2 94% 9514 40 9414 107
A 9
let g 58 series 0
974
19561 J 10014 Sale 100
10014
4 9958 102
Ref & !rapt 434s series A.2013 A 0 101% Sale 101% 10218
Int Rye Cent Amer let 50___1972 M N 914 Sale 8518
36 10134 1044
9212 225
8178 9212
Ref
&
impt
series
fis
C.2013
A 0 108% Sale 10814 109
let coll tr 6% notee
105
10734
11034
1941 MN 994 Sale 96%
99% 50
9413 9978 NY Cent & Bud Riv M 3346
3 1
1'
997
.1I 85 Sale 844
97 1
3354 40
10 lien & ref 8 Ns
84% 874
1947 F A 9934 Sale 9812 100
91 100
161
Registered
82 May'28
lows Central let gold 58
_
82
1938 J D 46
8518
49 47
48
12
38
52
Debenture gold 4e
1934 M N 9714 Sale 9714
98
64
Certificates of deposit-----9714 994
45 4912 47
47
1
38
49
Registered
M N 9514 -- 974 Apr'28
Refunding gold 40
9718 98%
1812 Sale 1812
1951 ii1
19
29
104 19
-year
30
debenture
40
1942
J
973
4
98
J
98 May'28
James Frank & Clear let 4._1959J D 9612 Sale 96
9734 99
9612
95
7
9878
Lake Shore coil gold 3346_1998 F A 83
8414 83%
84
15
KaA&GRlstgug 5s
834 8618
1938 1 J 103
103 May'27
Registered
1998 F A 81%
8212 Mar'28
Kan & M let gu g 4a
1900 A 0 893 9334 911 Apr'28 -___
817
8 8272
9078 9611
Mich
coil
Cent
gold
16
3345-1
547
19
99
4
98 F A
A 83% -84 8412
KOFtS&M conag 86
84
87
1928 hi N 95 9514 9978 Apr'28 -- 997 101
Registered
8138 Sale 81%
81%
IC C Ft 8 & M Ry ref g 4s1938 A 0 10012
2
8138 8334
_ 95
9518
3 9418 97 N Y Chic & St L 110 g 40
974
9772
98
1
9
9
3
7
7
A 0
977s 10
KC&MR&BIstgu5s
97%
9814
1929 A 0 784 /678 0012 10012
4 1004 10312
Registered
964
- 9712 Feb'28
Kansas City Sou let gold 38_1950 A 0 767 Sale 7634
9618 9612
773s 49
7578 794
25-year debenture 46
1931 M N 98 183-4 981
98's 12
Ref & impt fis
974 100
Apr 1960 3 3 102 Sale 02
10212 67 10138 10314
series
211136
A
B
C
1931
10214
M N 102% Sale
10212
Kansas City Term let 45-1960 1 J 9314 Sale 934
6 10178 10312
9414 30
9338 9534
Refunding 534s series A-1974 A 0 107% Sale 10718 10778 81
Kentucky Central gold 46.....1987 J 1 933
106% 10778
_ 9314 Apr'28 ---9314 9612
Refunding 534s series B 1975 J J 1073s Sale 10814 10712 41
Kentucky & Ind Term 4141_1961 J J 94 153108% 1074
4 95 Apr'28 ---91
9612 17 Y Connect lst gu 4 Nii A-1953 F A 10114
04
13418 l0
-- 10
4
10078
Stamped
1024
1961 J J 9612 9812 9018 Apr'28 ---9018 9612
let guar 58 series B
1953 F A 10428 105
Apr'28
Plain
10015 10514
1961 1 3 100
___ 9813 Apr'28 ____
9838 9818 NY & Erie let ext gold 4s-1
19
94
37
3M
p4 N
s 92 --- 924 Apr'28
9212
lake Erie & Weet lst g 56-1937 1 I 10334 1-05 0412 May'28 ---- 10338 10514
924
ad ext gold 4348
10034 014 Apr'28
10
0012
8
10014 10014
35 gold 195
19411 J
10334 0334 Mar'28
102 1047
4th ext gold 50
1930 A 0
5 100141005*
Lake Shr & Mich 13 g 33411-1997 1 D 86 Sale 85
86
2
8338 8712
5th ext gold 4s
1928 .1 D
9914 9914
Registered
1997 J D 81
8412 8513 Apr'28 ---85
9914 fin-14
88
NY & Greenw L gu g 56-1946 IN N 100
- 19
094
0 M
Ma
arr:2
28 -- 100 100
Debenture gold 41
1928 M S 997 Sale 9933 100
19
9878 100 NY & Harlem gold 3)4e_.2000 MN
8618 May'28
8618
116-year gold 4.
874
1931 M N 99 Sale 9878
9934 54
9834 100
Registered
M N 8228 ____ 8518 Apr'28
sal, WO
Registered
M N ---- ---- 9914 Apr'28 ____
9954 9938 NY Lack & W let & re/ tis -11997733
100
80 JFuelb
NN 103:4
y:27
2
Lab Val Harbor Term 50_1954 F A 10713 ____ 10738 Apr'28 ---- 10614 10738
First
&
ref
4346
.10518 Apr'28
MN 10414
1/1Leh Val N Y 1st gu ff‘M-1940 J J 10134 ____ 10134 May'28 ---- 101 10218 NY L E & W let
11-ff 19
070 ext
106
1930 M S
Lehigh Val (Pa) eons g 401-2003 M N 9114 Sale 907
9114 48
908 934 N Y & Jersey let 56
63
1i
142 102 19
1932 F A i9
00
112 ma
l0
r1217
217 ilieriff 1-611;
Registered
MN
91 Jan'28 ---90
NY & N E Bost Term 40-1939 A 0
91
General cons!Ns
2003 MN 1E1112 Sale 10118 10134 12 10012 10258 N Y N H & H n-a deb 4s___ _1947 M 8 8512 16-12 8813
Apr'28
Lehigh Val RR gen 56 series _2003 M N
88 90
_ 10012 Apr'28 ---- 10012 10012
Non-cony debenture 3346.1947 RI 8 8112 8114 8114 Apr'28
Registered
7811 8314
M N ilois 11-04 11038 no38 10 109 11114
Non-cony debenture 894e.1954 A 0 7714 78 7914 May'28
Leb V Term ay 1st gu g 50-1941 A 0 10434 HA 10513 May'28 ---- 10512 10638
774 8144
Non-cony debenture 46-1955 1 J 8434 8534 847
85
8
Registered
84%
A 0 10358 105 10378 Feb'28 ---- 103% 1037
884
Non-cony
debenture 4s-1
10
94
50
61
111 N
J 8634 Sale 85
. 10
867
Leh & N Y let guar gold 46_1945 54 S 9313
86 88%
9212 Jan'28 ---9212 9212
775
Cony
8
debenture
7814
345
7758
1956
J
May'28
3
Lex & East 1st 50-yr de gu..1965 A 0 11138 B.al-e 1115
7718 80
11118
4 111 11538
Cony
debenture
fla
Sale
11712
99 115% 118
Little Miami gen 42 Ser A...1982 MN 9414 97 95 Apr'28 ---924 9612
Registered
114
74 May'28
J 1
Long Dock consol a Be
113 318
1938 A 0 108 110 10812 10812
1 10812 10912
Collateral trust Ile
1940 A 0 105 10; 105
10514 18 105 19518
Long Isld let eon gold tiMuly 1931 Q J 101% ...._ 10158 10158
1
10034
102
Debenture
M
1957 SI N 8114 82 8138
82
10
lit cones] gold 4e____July 1931 Q J 97 -9912 9914 Mar'2: ---8014 8258
9818 9914
lst dr ref 4 Ne ser of 1927_1987 .1 D :
r.0
3
2188 132
9
21;4 AD8
7260
0_11.
;
; 9
f3...
_2
9_0
2
3 0
General gold 41
9214 94%
1938 .1 D 95 9612 9614 May'28 --94% 9612
Harlem R & Pt Ches let 48 1954 M N 9212 9312 9234 Apr'28
Gold 4s
93%
92%
1932 1 D 9718 97% 9614 Sept'27 --N Y 0& W ref let g M_June 1902 M S
16
United gold 46
78% 9034
1949 M 8 91% 93 93
93
2 -His -911;
Reg $5.000 only June 190
992 1
MD
S
Debenture gold 5s
7612
7612
1934 J D 10014 10134 10014 May'28 ---- 100 10012
General
46
76 Sale 76
76
10-year p m deb 56
7411 130%
10018 100% 10018 10018
7
9938 10112 NY Providence dr Boston 46 1942 A 0 8714 ___ 9312 Apr'28
Guar refunding gold 4e.__1193
92 95
49
7L
IN
S 92% Sale 9238
93%
5
9212
94%
Registered
8934
Jan'28
A
0
Nor Sh B lert con gu 6s_Oct'32 Q J 10054 10114 1003
894 89%
10034
1 10034 102
NY & Putnam let con gu 46 1933 A 0 93
9312 May'28
95
Lou & Jeff Bdge Co gu g 4e 1945 M S 9334 Bale 9334
9312 9624
9412
4
9312 9412 N Y Sues/ & West lit ref 56-1937 .1 J 8812 89 881/ May'28
Louisville & Nashville 5s_1937 M N 10538 _
8812 924
10512 May'28 ---- 105 106
25
gold
4346
0
1
8
82 4
1937 F A 18
0014
2 87 10
Unified gold 40
8018
831,
1940 3 J 9712 Bale 97%
98
51
9658 1914
General gold 56
1940 F A 75 Sale 75
5
Collateral trust gold 5s
721, 891e
1931 M N 101 10112 10112 ioliz
1 lops 10253 Terminal
1943 MN
"
10
11311016
%
75214
8-1
10-year secured 78
9972 10214
1930 M N 10312 Sale 10312 104
38 103 10512 NY W'ches & B let56
ser 1 4%8'46 J 1 8812 Sale 8811
90
20 881, 92
let refund 54s series A2003 A 0 10678 10814 10814 May'28 ---- 10814
11012 Nord Ry extle f 830
1950 A 0 102 Sale 10114 10212 58 100 103
let & ref 56 series B
2003 A 0 108% Bale 108
108% 10 108 109
Norfolk South 1st & ref A 56-1961 F A 931/ Sale 933
9414 41
1st & ref 4346 series C2003 A 0 102% 103% 10234 103
93% 97
8 102 1041 Norfolk & South let gold 56_1941 MN 10214 -__ 10234 Feb'28
N 0& hi 1st gold 130
102% 103
1930 1 3 10112 103 102 Apr'28 ---- 102 1035* Norfolk & West gen
gold 80_1931 M N 10414 105 10412 May'28
25 gold 6s
1930 1 3 10112 103 10214 Apr'28 ---- 10214 10214
1054
104%
Improvement
& ext 6$-1934 F A 10814 ____ 10912 Dec'27
Paducah & Mem Div 48_1948 F A 95 96 9512 May'28 -- -95
9613
New River lst gold 6s
_ 10612 Feb'28
1932 A 0 10834
St Louis Div 2d gold 3s 1980 M 8 7834 __ 71
10-13-1;
1
71
71
6838
N
&
W
Ry
let
cons
a
46
1996
A 0
65
Mob & Montg let a 434s 1945 M 8 10134 1-023-4 10134 10134
9558 98;
I 10134 10278
Registered
96:
_f_lle
7
1 Ap9
__ 0
1996 A 0 _9
88
6
9
'
r621
_
Booth fly joint Monon 45_1952 3 1 924 93 9218
95% 964
9218
2
9218 9414
Div'l
let
lien
&
gen
a
4e_1944
J
J
1
Atl Knory & CM Div 4s_1955 MN 9512 961 9534 May'28 ---94% 964
9534 984
10-yr cony 6s
18234 Mar'28
1929 M S
LOU1HT Cin & Lax Div a 4545'31 IM N 100 10014 10038 Apr'28 ---- 10038 100
17618 1904
14
Pocah C & C Joint 4s
1941 3 D -05iz I71-2 9512
9512
2 95
bishop Coal RR 1st Ea
l934J I 10212 - -- 10312 Jan'28 ---- 10312 1031, North Cent gen & ref 66 A 1974
97%
0838
10758
____
AI
8
Sept'27
1
Manila RR (South Lines) 46_1939 M N 76 Sale 76
76
8
71
7934
Gen & ref 4341 series A
03
11%
2 A
1975 M S 10312 -__ 110
Japtit:2
28
1.8 4.
1015* 1-61-1.
79 82 797 Apr'28 ---0
7934 3234
Manitoba S W Colonlm'n 56 193
101 10312
N 100 101 100
9 ra D
54
100
2 100 10112 NortS
htam
Ohlrlet
i guar g 56.- 1945 A 0 99% Bale 98%
0
98
912
3 3
27
1
ManGE&N W 1st 345-1941
98 103
1 88 Sale 88
88
3
88 88
North Pacific prior lien 4/1-1997 Q J 9514 Sale 95
filob Cent Det& Bay City 56231 5 M 101 102 10112 Mar'28 ---- 10112 10218
94% 97%
Registered
937
1997 Q J 93% Sale 9378
8
9376 97
Registered
Q 51 10012 10112 10034 Apr'28 ---- 10034 10178
Gen'i lien gold 38_ _Jan 2047 Q F 7012 Sale 703
7034
7
7018 734
Mich Air Line la
1940 1 3 9612 -___ 972 Jan'28 ---9758 9758
Registered
Jan 2047 Q F 6733 70 6812 Apr'28
08% 6978
lit gold 3)4.
1954 91 1'3 88 8912 884
8818
3 884 804
Ref & impt 414e series A._2047 J J 10112 Sale 10112 192
3
10112
105
1929 A 0 99% 9934 9934 May'28 ---10-year debenture 4e
994 100
Ref &'mot 66 series B._ 2047 1 1 116 Sale 11514 116
119 1155* 11714
Mid of N J 1st ext eis
1940 A 0 - - 9914 98%
99
2 9714 9934
Ref & lmpt 66 series C-2047 1 1 10712 10812 lO812 1084
2 108 10912
Sillw L 0 & West imp g 5s-1929 F A 99 100 100 Apr'28 ---- 100 10038
Ref & impt 5s orlon D_--2047 3 J 109
1 10'71
734 Sale_ 1
03 ma2
270
1410
10712 10954
Mil& Nor let ext 448(1880) 1934 1 D 9712 99 9914 Feb'28 ---9914 9914 Nor Pao Term Co let a 615-1933 1 1
1097s 110%
9712
4
9512 9912 Nor R3
Cons ext 434,(1884)
1934J D 9514 Bale 954
,of Calif guar a 54-1938 A 0 105 11712 105 May'28
105
Sill Boar & NW ist gu 46_ 1947 M B 9514 9633 9514 Apr'28 ---106
964 9718 North Wisconsin let 813
1930 1 3 100
4 1021
04588 M
11027182
2114
82 :
6
05
ia
an
'
y,20
8
10212 102%
90 Apr'28 -- -Milw & State Line 1st 33/e-1941 J 1 90 _ _
90
Og & L Cham let gu 4s g _ _1948 3 J
90
8738 8812
8612
1
5912 25
88%
8814
Minn & St Louis 111 cons 66_1934 MN 59 Sale 59
42
61
Ohio Connecting Ry let 46 1943 M S 98
95% Nov'27
M 11 5418 58 55
55
Temp ctfs of deposit
0
40 57
Ohlo River RR 1st a 56
1936 1 D 103
_ 104 Apr'28
1654 16(
2318 126
let & refunding gold 461949 M S 22 Sale 22
14
2334
General gold 5ti
1937 A 0
1041s 10418
1911 62
Ret & ext 50-yr 56 ser A._ 1962 Q F 1914 Sale 1712
1112 1914 Oregon RR & Nay con g 46_1046
538
12 Ba
99
1e12 99
5:
1.
D 99
99
5158
2 _3.3
6_
95 96
61
92
Id fit P & S El M con g 46 int gu'313 .1 1 91% Sale 904
9912 9212 Ore Short Line 1st cons a 5s_1946 1 3 10838 109%
12 1081328 108
834
3
1 10814 110%
1
97% 98 9734
9734
lst eons 54
9734 10012
Guar stpd cons 50
1946 1 ./
10814
1114
26
-1 100 Sale 9912
9934
./ .1
1938 1
let cons 58 gu as to int-__1
9914 101
Guar refunding 46
1929
D
9918 100
15 101 10318 Oregon-Wash let & ref 45_ -1901 1 .1 9134 Sale 9128
10-year coll trust 654s---1931 M S 10134 Sale 10134 102
92
19
91%
944
1946 1 1 10134 103 10314 May'28 --- - 101 10314 Pacific Coast Co let g fie_ __ABU
1st & ref 85 series A
92
33
D i8
32
4 88
8312 5818
04
96
8
1949 01 S 9434 96 9412
96
Pao RR of Mo lit ext a 4e._1938 F A
15-year 514e
95%
95%
2 9614 9614
let Chicago Term at 40-1941 M N 9518 -- 9614
2d extended gold /Se
9614
8
41
1
3 1\A
1938 3 J
1-02 10
lapY8
;
4
:
2
102%
2
9914
9914
Ilimbeippi Central let 52-1949 J J 9918
994 Paducah & Ills 1st e f 4346 J9553 1 10032
98
_:
136E8 - 10937
14 Apr'28 230 100% 102%
101%
90
Alo Kan & Tex let gold 46._1990 1 D go If 9038
9014 16
9238 Paris-Lyons-Med RR extl Ils 195$ F A 10038 Sale °°
98 10058
Sinking fund external 76_1938 M S 10512 Sale 10411 10512 34
Mo K-T RR pr lien 58 ear A _1962 1 1 103 Sale 10234 10312 36 102 1041.
10112 mall
34
90
1962 J 3 8912 Sale 8912
8912 924 Paris-Orleans Rite f 70.- __1954 M $ 103% Sale
40-year 4$ series 8
21
101 1041,
983/ 12
97
994
1978 .1 .1 9712 Bale 0711
Prior lien 4346 ear D
External sinking fund 64s 1988 MI 8 9614 Sale 964
9634 78
9584 98%
47 10418 1094 l'aulista Ry 1st it rate f 78-1942 al 8 10314 Sale 103
Cum adjust 66 set A Jan_1967 A 0 10534 Sale 10512 106
10314 12 10114 10411
Osto Pac lbt & ref Sleet A-_1985 F A 10178 Sale 10178 10314 30 1017 103% Pennsylvania RR oonag 40_1943 M N 9734
14
9
97832 A13428
7
_
9738 994
7914
0
8314
0
C0111301 gold 4e N
8114 2
General 46
1975 M S 81 Sale 8034
1948 131
9812
98% 100
10112 206 10012 10258
lit & ref fie sec F
1977 M S 10114 Sale 101
do Ned stpd dollar_May 1 1948 M N 98
99 9818
9818
3 9678 99
Ado Pao 3d 76 exist 4% July 1938 MN 95 97 95 May'28 -- 93% 9472
Consolidated if 434e -1960 F A 10412 105 10412 10412
9
Mob A Bir prior lien g 56_1945 J 1 10312
103 Feb'28 ---- 103 11,1
Oene1.4 434e series A.---1965 1 D 10238 Sale 1024 10278 70 10438 107
1024 104%
92
Ge
9%
2 19
rarlse
%4
100 Apr'28 ---Small
mnyeea
5scuse
J J 10018
rerl
des
uB
1968 1 D 11134 Sale 1114 11212 52 110%
115
5
Ist m gold ls
1945 3 J 9214 94 92%
9255
1930 A 0 10438 Sale 10418 10412 139 1044
s
Small
15-year secured 630
81%
84
1945 1 1 85
90 84 Mar'28 ---1936 F A 1114 Sale 11112 11238 81 1114 1057
111A4
Mobile & Ohio gen gold 4s_ _1938 M S 9412 9714 9814 Apr'28 ---.
9712 11518
Registered
F A 11012 _..._ 112 Apr'28
112 112
Montgomery Div let g 56_1947 F A
40-year secured gold 58_1984 M N 104
10412 0434 May'28 ---- 10414 105.%
04
3% 32,
9334 Sale_ 19
10
08
20
54
104 105%
Ref & impt 4341
197754 S 9812 Sale 9818
984 50
9734 9934 PA Co gu 8349 0011 tr A reg_1937 M S
03 93
Mob & Mar let ffU gold 46_1991 M S 9412 97 9
C. Jar 3 Ns coll trust ser 8_1941 I A 894 90 8934
2.72
1% 1917
8
17
8 ---E 19
nr'1252
17
1% A p
8938
7 8914 914
Mont C let an 6s
Guar 34e trait °Ifs C____1942 J 0
1937
J 111% Sale
90
Apr'28
8914 9014
lit gust sold 60
8%s
Guar
trust
1014
Jan'28
10414
etts
1937 3 J 10434 ____ 041;
---D__1944 1 D 8934 ____ 90 Apr'28
89% 9041.
2941
New York Bond Record—Continued—Page 4
r.
BONDS
H. Y. STOCK EXCHANGE
Week Ended May 11.
Pennsylvania (Cocci.)—
Guar 15-25-year gold 4s___1931 AG
Guar 45 see E trust ctf5 __1952 M
Pa Ohio & Det let & ref 4348 A'77 AG
Peoria & Eastern let cone 48_1940 AG
April 1990 Apr.
Income 45
Peoria & Pekin 17n let 540_1974 FA
Pere Marquette 1st ser A 60_1956 J J
1956
1st 45 series B
Phil& Bait & Wash let g 4e_ _1943 MN
1974 FA
General be series B
Philippine Ry 1st 30-yr et 4s 1937 J
D
Pine Creek registered 1st Os.1932
PCC&StLgu43.18A
1940 AO
1942 AO
Series B 430 guar
1942 M N
Series C 4 Ms guar
1945 MN
Belles D 45 guar
Series E 340 guar gold....1949 FA
1953 Jo
Series F 4s guar gold
Series 0 4s guar
1957 MN
1960 P A
Series H con guar 48
Series Icons guar 4 44s
1963 FA
N
Series J cons guar 440
1964
General M be series A
1970 J o
J D
Registered
Gen mtge guar be series 11.1975 AG
AO
Registered
Pitts McK & Y 1st gu 65-_1932 J J
26 guar Os
1934 J J
Pitts Sh & L E 1st g 58
1940 AD
1st consol gold be
1943 J J
Pitts Va & Char let 48
1943 MN
SWAY & Ash 1st 4e ser A __1948 J o
1st gen be series 13
1962 FA
182 gen 58 series C
1974 J D
Providence Secur deb 48_
1957 MN
Providence Term 1st 45
1956 M
Reading Co Jersey Con coil 413251 AG
AG
Registered
Gen & ref 440 series A___1997 J
Rich & Meek 1st g 4e
1948 MN
'
3
B.Ichm Term Ry 1st an be
1952
Rio Grande Juno 1st gu 58...1939 J o
MO Grande Sou let gold 4e_ A940 j j
Guar 45 (Jan 1922 coup on)'40 j j
Rio Grande West 1st gold 48_1939 J
1st con & coil trust 45 A..1049 AG
ft I Ark & Louie 1st 4445..„1934 MS
J
Rut-Canada 1st gu g 4a
1949
Rutland 1st con g 4545
1941 J J
It Jos & Grand Iel 15t a 45 _1947 J J
It Lawr & Adir let g .5s,.....1998 I J
26 gold 68
1996 A 0
Bt L & Cairo guar g 4e
1931 2 J
FAL Ir Mt &Sgen con g 58_1931 A 0
Stamped guar 5a
1931 A 0
Unified & ref gold As
1929 J J
air & 0 Div let g 4s
1933 MN
St L M Bridge Ter go g As..1930 A 0
St L-San Fran tn. I 45 A
11950l
978 ivi s
J
Con M 4415 aeries A
Prior lien be series 13
1950 J J
Prior lien as series C
1928 I J
Prior lien 530 series D_ _ _1942 1 J
Cum adjust ser A 6s July 1955 A 0
Income series A 6e_July 1960 Oct.
St Louie & San Fr Ry gen 8e_1931 J J
General gold be
1931 J J
St L Peor & NW 1st gu 68_1948 J J
St Louie Sou 1st gu g 45_ _.1931 M 5
St L 13 W let g 4s bond etle_1989 M N
26 g 45 Inc bond ctfe_Nov 1989 J J
Coneol gold 4s
1932 J D
1st terminal & unifying 68_1952 2 2
St Paul & K C Sh L 1st 448.1941 F A
Bt Paul & Duluth let 58
1931 F A
lit coneol gold 48
Bt Paul E Or Trunk 14440_1
1948
967 j
1 D
J
lit Paul Minn & Man con 48_1933 J l
let consol g Oa
1933 2 1
Regietered
1 1
Os reduced to gold 440_ _1933 J J
Registered
J J
Mont ext 1st gold 48
1937 J D
Pacific ext guar 45 (sterling)'40 3 J
Bt Paul Un Dep let & ref 56_1972 J J
IA & Ar Pass 1st gu ff 4e_ _ _1943 J J
Santa Fe Pros & Phan let 55_1942 M S
Bar Fla & West let g 68_ _ _ _1934 A 0
lit gold Is
1934 A 0
Scioto V & NE let gu g 4s...1989 MN
Seaboard AB Line 1st g (s,...1950 A 0
Gold 48 stamped
1950 A 0
Adjustment Ea
Oct 1949 F A
Refunding0
1959 A 0
lit & cone 65 Bedell A
1945 M S
Registered
M S
AU & Blrm 30-yr let g 48_61933 M B
Seaboard All Fla let gu Os A _1935 F A
Series 13
1935 F A
Seaboard & Roan 1st be int& 1931 I J
go Car & Oa let ext 5445
1929 MN
B & N Ala cons gu g 58
1936 F A
Gen cons guar 50-yr 55_1963 A 0
So Pee coil 48(Cent Pee coil) 849 J D
J D
Registered
20-year cony la
June 1929 M S
lit 4145 (Oregon Lines) A.1977 M 8
19341 D
20-year cony Ea
1944 M N
20-year gold be
Gold 440
1968 M 8
Ban Fran 'Form! 1st £s ,.,,_1950 A 0
Registered
A 0
80 Pao of Cal let con gu g 58_1937 M N
So Pao Coast 1st go g 4s_ ___1937 .1 J
80 Pac RR 1st ref 4s
1065, 2
J J
Registered
Southern Ity let cons g 58_1994 J J
J J
Registered
Pavel& gen 45 series A._ _1956 A 0
1956 A 0
Develop & gen 65
1956 AG
Devel & gen 6 40
19446J J
Mem Div let g be
1951J J
St Louie Div let g 48
East Tenn reorg lien g 65-1938 M 8
1938 M 5
Mob & Ohio coil tr 45
Spokane Internal 1st a 58_ _1955 J J
Staten Island Ry 1st 440_1913 J D
Sunbury & Lewiston let 48..1936 .1 J
Superior Short Line 1st ba_ _81930 M B
Term Assn of St L lit g 4 143_1939 A 0
1944 F A
let cons gold 5e
1053 J J
Gen refunds fir 4s
Texarkana & Ft 81st 5541 A 1950 F A
1943) J
Tex & N 0 con gold 5a
2000 1 D
Texas & Pac let gold 58
26 Inc 158(51ar'28 cp on)Dec2000 Mar
1977 A 0
Oen & ref 58 series LI
1931 1 J
La Div II L let g ras
Tax Pao-Mo Pee Ter 5348_1964 M S
— 4 Due May. I Duo June. 8 Due
Prier,
Prtdav.
May 11.
Week's
Range or
Last Sale.
Range
Since
103, 1.
BONDS.
N. Y. STOCK EXCHANGE.
Week Ended May 11.
Hob No Low
ma
Ask bow
High
& Ohio Cent let gu 58___1935
9934 ____ 9918 May'28 ---99 100
9358 951,
1935
Western Div let g 58
9412
5
99
9914 9412
General gold ba
10018 Sale 100
7 100 102
1935
10018
%led()Peoria & West 181 48.1917
90
89
9014 9114 Apr'28 ---92
47
20
47
47
3711 5018 Col St I. & W 50-yr g 4s...1950
48
1931
108 Sale 108
10814 18 10718 10812 7o1 W V & 0 gu 430 A
1933
lit guar 444s series B
10512 Sale 10434 10512 40 10418 10612
9513 10
9114 952.
1942
9434 9558 9512
let guar 4s series C
___
_
100 Apr'28 --__
Tor Ham & Buff let g 45
1948
98 100
97231098
114 114
114 Apr'28
Rater & Del 1st cons g be
1928
4112 Sale41
1952
1st refunding g 45
4112
9
40
42
10512 10712 106 Apr'28 ____ 10578 108
Baton Pacific let RR &Id at 4547
102
102
10 10018 102
Registered
102 May'28 10118 10212
June 2
10
90
let lien & ref 4e
88
7
1110113r11
01 43
102 May'28 Gold 440
10134 10218
97
99
9738 Mar'28
1008
928
1st lien & ref be
June 2
9733 99
97 Mar'28 -.-10-year secured (is
97
9713
9714 Apr'27 -- -1944
N J RR & Can gen 4s
1
97
97
97
97
Utah & Nor 1st ext 45
1933
97
97
9718 Vandalla cons g 4s series A._11955
9718 Mar'28 --__
57
100 ____ 10512 Feb'28 --__ 10412 10512
Con f 4s series B
100 ____ 104
104
3 104 105
Vera Cruz & P assent 430_1934
11112 Sale 11112 11158 22 11118 11412 .11.10m Mid As series F
193I
11338 Jan'28 11338 11338
1936
General Is
11158 Sale 11158 112
10 11152 11518 Va & Southw'n let gu 58_2003
11312 11312
11312 Jan'28 let cons 50-year Ea
1958
Virginian Sty let be series A.1952
las; 167-- Wabash 1st gold 5s
1939
10
22
4611
2d gold 58
10314 105
1110
0
04
60581\NAlIaP
aYr'18
39
5
87
1
197
10258
10012 Apr'27 Ref e f 540 series A
9618
95
Oct'27
Ref & gen be series B
1976
9714
9612 99
9612
9612 Apr'28 ---Debenture BOs registered_1939
1st lien 50-yr g term 48.__1954
10734 ____ 10814 Apr'28 --__ 10814 10812
106
Det & Chl ext let g 5e
1941
_ 8934 May'28 -_-_-_-_ "8OT2 163-4
Des Moines Div 1st g 4e-1939
91
8038-9212
-- 89 De3'27 - 1941
Omaha Div 1st g 330
10 -58i4 97
957s 9678 9534
Tol & Chic Div g 4a
1945
96
1
9434 May'28
_
9434 9514 Warren let ref gu g 340_ __ _2
100
940
8
10234 gale- 10218 10234 23 10218 10414 Wash Cent 1st gold 45
Wash Term let gu 330
8214 8534 8212 Nov'27
10414 10412 10414 Mar'28 --_ 10414 10412
1st 40-year guar 45
1945
9912 10112 102 Dec'27
W Min W & N W 1st gu 50_ 19
93
50
2
418 5
West Maryland let g 45
5 May.28 __
8. 712 Apr'28 ____
let & ref 510 series A
5
71 2
19
1
93
77
95
9314 -95 95
1
9412 951 2 West N Y & Pa let g 5a
8858 Sale 8858
Gen gold 48
1943
8833 10
88
903s
9779 Sale 9738
98
25
9651 9918 Western Pc let eer A bs
1946
8638 8434 Apr'25
8458 8478 West Shore let 48 guar
2301
9514 9534 96
Apr'28 _
Registered
9518 0658
2361
Wheeling & Lake Erie—
90 Sale 90
90
1
89
92
Wheeling Div 1st gold be_1
1928
30
10034 105 10034 10034
Ext'n & impt gold 5s
1 10034 10034
_ 108
10714
Jan'28
107 108
Refunding 430 series A _ _ 19
98
66
9878
98
98
4
98 -6
98
Refunding As series B
10138 Sale 10078 10112 23 10078 10214
RR let corm'45
1949
10134 Dec'27 _
Wilk & East let ffU g 58
9478 10158 Will & F let gold be
19
9914 34
94
32
8
9914 9878
99
9612 Bale 96
9534 9734 Winston-Salem 513 1st 4s.._ 1060
9812 55
10012 10134 10078 Apr'28
10014 10134 WM Cent 50-yr 1st gen 4e_ 1949
9012 Sale 9012
Sup & Dul ellv & term let 4e '36
141
901s 93
01
97 Sale 97
9718 205
97
1943
974 Wor & Con East let 4 tas
103 Sale 10278
10312 26 10214 10412
INDUSTRIALS
18 100 10112 Adams Express coil tr g 45_ _1948
100 Sale 100
100
10238 Sale 10238 10212 45 10133 30312 Ajax Rubber 1st 15-yr Sf 88_1936
10138 Sale 10138
10158 337 100 10172 Alaska Gold M deb (ie A__ 1928
5
Cony deb & aeries 13
10138 Bale 10138 10158 170
9918 10218
10114 Sale 10114
Allis-Chalmers Mfg deb 5s 1937
10114
1 100 105
10138
101 10158 101
7 100714 10312 Alplue-Montan Steel let 78_1955
Am Agric Chem let ref e 1 730'41
109
__ 10858 May'28 ____ 10812 III
10114 ____ 9738 Apr'28
9755 9738 Amer Beet Sue cony deb 68_1935
91 Sale 91
9138
8
9015 9214 American Chain deb 5 f 68_1933
8538 8712 8538
8518
8
8458 871? Am Cot 011 debenture 65_ 1931
9712 Sale 9714
Am Cyanamid deb 53
9714 99
9734 33
193
49
2
101 102 10078 10078
3 10012 10318 Am Mach & Fdy
68
Am Republic Corp deb 6e 1937
96 Sale 9514
96
50
9514 98
101 10212 10212 Nov'27
Am Bm & R 1st 30-yr be see A19
'47
94
let M 6s aeries B
Amer Sugar Ref 15-yr 65_1937
10014 9
.6!
-11 9004% NNI°avY:227
9714 98' Am Telep & Teleg coil tr 45_1929
98 8 -99
2
98
98 1
107 10814 107 Apr'28 _
Convertible 45
107 11111
1936
10614 10814 10634 Mar'28 _
20-year cony 414s
10634 10634
1933
10078 10114 10012 May'28 ____ 19
30-year coil tr bs
0,1
0148 19
1946
09
1114
8
99 101
9912 Jan'28 _
Registered
97
9812 98 Apr'28 _
35-yr s I deb be
9714 9812
1980
9312 9434 9312
20-year s f 530
9312
1
9312 9478
1943
_ _ 109
109
6 10812 10938 Am Type Found deb 68
1940
109149212 9314
- 9212
9314
17
9218 9454 Am Wet Wks & El col tr 613_1934
104
____ 103 Apr'28
Deb a 68 ser A
10212 104
1976
_ _ 10758 10758
Am Writ Pap let g 6s
1 16738 108
1947
10212
10712I0412
- 10712 10712
5 10712 10712 Anaconda Cop Min let 68_1953
94
9634 9758 Apr'28
9758 98
Registered
83 ____ 85
85
1
15-year cony deb 713
79
8511
1938
81 Sale 80
81
15
7714 8378 Andes Cop Min cony deb 75_1943
5438 Sale 5314
5734 578
40
8211 Anglo-Chilean a f deb 713_ _1045
66 Sale 6512
68
Antilla
71
60
(Comp Azuc)740_1939
7212
8714 Salo 8718
156
88
7712 9614 Ark & Mom Bridge & Ter 58_1964
85 Mar'28
Armour & Co let real est 434s'39
7858 85
34 92
92
92
Armour & Co of Del 630_ _ _1943
2
8834 95
8158 Sale 8158
84
65
7112 9478 Associated 0116% gold notes 1935
8212 8312 8358 84
5
72
9438 Atlanta Gas L let be
1947
99 100 100 Apr'28 ____ 100 10058 Atlantic Fruit 7s ctfs dep
1934
10012 10078 10012 10012
7 10012 10178
Stamped ctfs of deposit
10318 105 105
Jan'28 ____ 105 105
Atl Gulf & W 1 SS L col It 68_1959
11458 ____ 11434 Feb'28
11412 115
Atlantic Refit deb 5.4
1937
94 Bale 93
94
11
93
Baldw Loco Works let As....1940
95
88 Mar'28 ____
8833 92
88
13aragua (Comp Az) 7 4e _ _1937
84
9912 Sale 99311
9912 40
991s 100
Barnsdall Corp 138 with warr_1940
10214 Bale 10214 103
26 10214 104
Deb Ge (without warrant)-1940
102 Sale 10112 10214
9 10018 10314 Belding-Hemingway 138
1936
9914 9012 10014 Apr'28 _...._ 100 10312 Bell Telep of Pa 58 series 11_1944
9914 Sale 9914
9934 175
9814 10012
let & ref As series C
1960
9378 Sale 9314
9378 20
9314 06
Berlin City flee Co deb 6445.1051
8718 9212 8934 Mar'28 ____
8914 90
Berlin Flee El & Undg 640_1956
108__ 108 May'28
105 108
Beth Steel 1st & ref 58 guar A'
42
9738 9-8
9714 Apr'28
30-yr p m & imp f bs
97,8 9714
1936
9558 Sale 9538
96
43
9538 9812
Cone 30-year Os series A 1948
96 Apr'28 ____
06
96
Cons 30-year 5415 ser 13
1953
114 Sale
.11312 114
23 11212 11912 Bing & Bind deb 640
1950
11112 ____ 11518 Apr'28 ____ 110 11518 Booth Fisheries deb e I 6e
19213
9134 Sale 9118
9134 269
9012 93
Botany Cone Mille 640
1934
11778 Sale 11778 11814 25 11511 121
Bowman-BM Hotels 7s_..1934
12638 Sale 12518 12638 48 12514 127
B'way & 7th Av 1st con Le_ _11143
11038 11114 11012 Apr'28
11012 11318 Brooklyn City RR let 349__ _1941
9238 9412 9212
9212
1
9214 94
Bklyn Edison Inc gen be A _1949
_ 9658 Dec'27
Registered
93
10414- -12 9658
95
May'28
-9Oie 9833
General lie series 13
1930
8778 00 80 May'28
8612 90
Bklyn-Man R T sec 65
1968
88 Nov'25
Itklyn Qu Co & Sub con gtd 541'41
95 Apr'28
-9
-5 -let As stamped
961
9978 ____ 9978 Apr'28
9978 9978 Brooklyn R Tr let cony g 4a_2002
194 1
10
00
5,8 ____ 10012 10011
10014 10216
3-yr 7% secured notes...,..1921
10178 Apr'28
10514 107
Bklyn Un El let g 4-E5
1950
9212 9234 9212 Apr'28 ____
9214 94
Stamped guar 4-5a
1950
10612 Sale 10553 10612
6 10538 1071 2 Bklyn Un Gas let cone g 511_1945
10210312 Apr'28 ____ 103 10312
let lien & ref 68 series A 1947
113 11312 11318
11318 99 11014 115
Cony deb 40
1936
100 ____ 100 Aug'27
Buff & Susq Iron let a f 53_ 199
11955
352
2
104 Sale 10312 104
50 1021s 1041t Bush Terminal 1st 45
100 10078 10014 May'28 _
100 10112
Coneol be
108 109 108 May'28
10618 10914 Bush Term Bides 58 gu tax-ex '60
August.
Price
Friday.
May 11.
Range
Stnee
Jan. 1.
Week's
Range or
Last Sale.
BO
Ark Low
Mob No, Low
His)
10218
10214
10214
1 10214 103
10012 1-01-14 103
103 103
Apr'28
10058 10412 10012 Apr'28
10011 10132
19
15 Nov'27
12
95
94
9612 95 May'28
9-612
10038
100 10014
- 10038 Mar'28
10012
10015 10312
- - 10012 Apr'28
96
_
9578 Jan'27
6
9434 Sale 9434
9434
941s 941
69 Sale 66
6011 73
6914 35
22
32
39
45
38
48
46
9658 99
9678 Sale 9634
9738 35
9614 974
9614 Apr'28
9658 97
9514 9861
9512 Sale 9538
9534 44
9914 10114
100 Sale 9934 10038 68
4 112 11514
112 Sale 112
11234
100 Sale 100
10015 23 100 1008s
971: 9912
9658 9712 9912 Mar'28
9834 Nov'27
9712
98 1-1"
9712 -983-4 98 Mar'28
9712 9912
9712
9712
9712 15
1714 2111
22 -i33g 2318
2318 10
10111 10111
10113 -- 10112 Jan'28
10354 10314
10334 Mar'28
10312
10714 10714
____ 10814 10714 Jan'28
2
9834 103%
99
9834
9434
98
107 Sale 107
10778 17 107 10978
10512 Sale 105
10534 20 10434 10812
10214 10411
10258 103 103 May'28
15 10514 10781
107
10612 Sale 10614
10 1017
:105
10214
10214 Sale 10178
8314 Feb'27
100
89 May'24
8878
SO's 89
10412 1004
10458 Feb'28
10478
911
/
4 9313
_ _ 9258 Apr'28
2
87
8884
8714
9253-8412
8718
8718
9334 95
9314 9511
9334 May'28
83
83
83 Mar'28
83
9088 91:18s
8912 9112 9058 Mar'28
1
8818 91
89
89
8914 89
8878 89
Apr'28
9638 -___ 89
9984 101
9978 _ _ _ _ 9978 May'28
77
84
8714
85
8434 Sale 8434
10138 Sale 101
10112 37 10078 1031,
102 104
10138 10178 102 May'28 _
92
94as
9214 9212 93 May'28
9914 101
10014 Sale 10018
10038 30
9214 17
9114 9314
9178 Sale 9178
9014 93
9058 Sale 9058
9038 19
9978
100
9658
100
93
75
10334
9218
87
9234
9258
100 Apr'28
100 Apr'28
97
9778
10112 Mar'28
93 Apr'28
7518
7556
10338 Feb'28
9234 Mar'28
8712
8712
88
9314 9234
93
-- -- 9238 May'28
____
_8814
102
9318
76
18
3
2
5
100 100
100 10014
91514 9811
10112 102
94
93
7414
10414 10414
9214 9214
8712 9231
9214 931:
92
9211
nil
9134
91114 93
90
96
9134
3 107 10011
10714
10714 109 10714
6 May'28
314 10
334 10
318 12
10 Apr'28
311 10
10138 73 10014 1024
10034 Sale 10014
9658 13
9658 Sale 9614
93
9674
106 Sale 106
10612 42 10414 10011
82
5
45
85
85
79
90
103 104 103
103
8 103 10414
10014 10034 10034
6 100 10214
10034
9558 Sale 9512
31
96
9512 97
10412 105 10412 May'28
10414 10514
10112 10134 10218 Mar'28
10114 10274
10134 Sale 10112 102
53 101 10214
10812 Sale 108
104% 12 10711 10932
10434 Sale 10418
10434 39 10212 1013
9912 Sale, 9938
9954 99
9914 100
9734 Sale• 9734
1
97,
4
9782 10012
10212 Sale 10214
2
9984 10212
10212
10114 Sale 105
1053s 89 10412 106
_ 1041: 10411
- -- 10438 Feb'28
Sale 10714
10778 90 10514 109
10914 Sale 109
10914 84 10812 110
10512 106 105
10512 10 105 106
10114 Sale 10078 10114 64 100 1014
107 Sale 107
8 10584 10931
10778
28
90 Sale 8938
91
8754 9314
163 105 1001,
10512 Sale 10512 106
10512 Mar'28
10514 10515
12734 Sale 12614
11014 137
129,4
13778 Sale 135
13812 1443 120 140
10312 125
MA 1031s
10214 Sale 10134
2
937s 9614
9458
9434
9478 95
2 1021: 104
104
9214 9278 104
931:
116
93
91
9278 Sale 9212
179
9312 Sale 03
94
8713 94
9 102 Ion,
10314
103 Sale 103
10314 lord
10414 - - - - 10314 Jan'28
20 Nov'27
11
15
15
15 Mar'28
1212 18
7234 82
82 -136
8158 Sale 81
3 10038 103114
103
10238 10234 10214
107 10812
10718 May'28
Apr'28
10312 107
107
ioOiz
9912 106
10534 307
10434 sale 10454
9012 9358
9358 82
93 Sale 93
9612 9934
9934 24
9878 Sale 9878
53
1063
4 10932
10714
10834
108 10834
SS 10878 113
11214
11178 Sale 11114
9414 98
9712 43
9634 9714 97
97/
1
4
94
9634 37
9578 96,4 96
38 102 1044
104
103 Sale 103
10138 25 100% 103
10112 Sale 101
105,4 118 10414 10512
10518 Sale 105
78 10258 106
10414
1033s Sale 10318
5
9814
9614 9812
9814 9812 9418
9734 Feb'27
8318
7912
78
81
8118 25
79
10 10312 1051,
10312 Sale 10312 104
7912 57
BO
81
7914 Sale 74
14
93
9512
94
93 Sale 93
10678
10614 27 10518
105:18 Sale_ 10518
10538 10538
10538 Mar'28
10312 12 102 10414
ioi- Sale 102
9814 10054
100 Sale 9934 100,4 374
6411 72
7118 May'28
6912 72
9
8212 871s
80
8314
92
81
8812
Nov'26
85
__ _
10.5 r _ _ 13612 Nov'27
9
931 99hz
985s
9858 Sale 9778
4
9334 9914
98%
987s Sale 9812
11 10614 111
10953 11014 10934 10978
1 1173e 11913
11912 Sale 11912 11912
46 261 288
287
245
1
9314 96
95
_ - 95
9232 9412
-- 9338 Apr'28
9824 103
99
5
99
929818 99
10312 Salo 10338 19313 12 103 10$
2942
SONDE
N. Y. BTOCK EXCHANGE
Week Encted May 11.
By-Prod Coke let 534e A _ _1945
Cal0& E Corp unit & ref 59_1937
Cal Petroleum cony debit 591939
Cony deb e f 5He
1939
Camaguey Sue lst 5 f 7s. _1942
Canada S 8 L
& gee 69_1941
Cent Diet Tel 1s1 30-yr 5e_ _1943
Cent Foundry let s f 6e.MEIY 1931
Central Steel lst g e f 88
1941
Cespedes Sugar Co lets? 712t'39
Chic City & Conn Rye 5eJan1927
CD G & Coke let gu g 5a....1937
Chicago Rye let be
1927
Chile Copper Co deb 58
1947
Clearfield Bit Coal let 48_ _1940
Colo F & I Co gee at 5e
1943
Col Indus let & con 59 gu
1934
Coltunbla 0 & E deb 5s_ _ 1952
Columbus Gas let gold be _ _1932
Columbus Ry P& L 1st 4349.1957
Commercial Cable let g 49..2397
Commercial Credit e f 619_1934
Col tr f 5/5% noted
1935
Computing-Tab-Bee 8 f 88_ _1941
Conn Ity & L lst& ref g 4348 1951
Stamped guar 434e
1951
Consolidated Hydro-Elec Works
of Upper Wuertemberg 78_1956
Cone Coal of Md 1st & ref 59_1950
Camel Gat)(N Y)deb 5)4e...1945
Consumers Gas of Chic gu 581936
Consumers Power let 5a___ _1952
Container Corp let 65.
1946
Cent Pap & Bag Mins6)0..1944
Copenhagen Telep ext 88_ _1950
Corn Prod Refg 1st 25-yr at 55'34
Crown Cork & Seal 5 f Is...1947
Crown-Willamette Pap 69 _1951
Cuba Cane Sugar cony 7s. _1930
Cony deben stamped 8%.1930
Cuban Am Sugar let cell 88_1931
Cuban Dom Sue let 73415-1944
Cumb T & T 1st & gen 59__ _1937
Cuyamel Frult let 816s A
1940
Denver Cons Tramw let 55_ _1933
Den Gas & EL 1st & ref a f g 58'51
Stamped as to Pa tax
1951
Dery Corp(D (3) let s 1 78_1942
Detroit Edison 1st coil tr 69_1933
let & ref be series A _July 1940
Gen & ref 5e series A
1949
let & ref 68 series B.-Jul7 1940
Gen & ref baser B
1955
Series C
1962
Det United 1st cons g 6301-1932
Dodge Bros deb 69
1940
Dold (Jacob) Pack let 68
1942
Dominion Iron & Steel 5s 1939
Donner Steel let ref 75
1942
Duke-Price Pow 1st 66 ear A '66
Duqucsne Light let 4)45 A 1967
East Cuba Bug 15-yr 9 f 7349'37
Ed El III 13kn let con g 48_ _1939
Ed Else Ill let cons g 5e- --1995
Elm Pow Corp (Germany)634e'50
Elk Horn Coal lst & ref 61.48.1931
Deb 7% notes (with warr'ts'31
EquIt'bl Gas Light lot con 501932
Federal Light & Tr let 65_ _1942
let lien it be atamped
11142
let lien (is stamped
1942
30-year deb 68 ser B
1954
Federated Metals a f 75
1939
Flat deb 79 (with warr)
1946
Without stock purch warrants.
Flak Rubber let alSo
1941
Ft Smith Lt & Tr let g 5i
1938
Framerie Ind & Deb 20-yr 7)48'42
Francisco Sugar Islet 7345-1942
Franca Nat Mall 813 Lines 7s 1949
Gas & El ef Berg Co cones 581949
Gen Asphalt cony 68
1939
Gen Electric deb g 3He
1942
Gen Elea (Germany)7e Jan 15'45
81 deb 634s with warr
1940
Without warr'ts attaeh'd '40
Gen Mot Accept debts
1937
Gent Petrol let s f 58
19441
Gen Refr let 9 f g 69 ser A _1952
Good Hope Steel & 1880 75-.1945
Goodrich (B F) Co 181 810_1947
Goodyear Tire & Rub let 58_1957
Gotham Silk Hosiery deb 69_1936
Gould Coupler 1st a f 138- _ _1940
Granby Cons MS& P con 60 A'28
Stamped
1928
Git Cone El Power(Japan)75_1944
let & gen f 8348
1950
Great Falls Power 101 01 5e-1940
Gulf States Steel deb 5Hs- _1942
Hackensack Water 1st 45_ _1952
Hartford Bt Ry 1st 45
1930
Havana Elm cense! g 56._ _1952
Deb 5345 series of 1926 __ _1951
Hoe(R)& Co let 6 He ser A_1934
Holland-Amer Line Os (flat)_1947
Hudson Coal 1,1s be ser A.1982
Hudson Co Gas ist g 5s.,..1944)
Humble Oil& Refining 5)4s-1932
Deb gold be
1937
Illinois Bell Telephone 5e...1958
1940
Illinois Steel deb 4348
(leader Steel Corp of 79
1946
End Lana Limestone 1.t. 65_1941
1936
Ind Nat Gas & 0115s
1952
Indiana Steel let Se
Ingersoll-Rand let be Dec 31 1935
1945
Inland Steel deb 5He
Inspiration Con Copper 81.45.1931
Interbore Rap Tree let 5e _1968
Stamped
Registered
1932
10-year Os
10-year cony 7% notes _1932
let Aerie Corp let 20-yr 5s_ _1932
Stamped extended to 1943....
1947
Internet Match deb 58
Inter M creep Marine o I 64_11141
International Paper be Se, A.1947
1955
Ref e f 69 eer A
tat Telep & Teleg deb g4)40 1962
Jurgens Works 68(flat 91124).1947
/Camas City Pow & Lt 55.-1962
1967
1st gold 4)49 series B
Kansas Gas & Electric 6s...1962
Kayser (Julius) & Co deb 61.45'47
Keith (B F) Corp let 8....l946
Ee
elyly
0
11pringf Tire8% notes_ 1931
n Tele') Co lit 85_._1935
New York Bond Record-Continued-Page 5
t
a
NILO
Friday.
May 11.
Week's
Range or
Last Sale.
13
eciQ
Range
SIMS
Jan, 1.
BONDS
N.Y.STOCK EXCHANGE
Week Ended May 11.
Price
PridaV,
May 11.
Weal
Range or
Lail Sale
415 Low
Me
8td
Aloe No. Low
844
Ask Low
liege Ye.
2 102 1034 Etna County El & P g 34-1937 A 0 105%
102 10312 10314 10314
1073* Mar'28
Purchase money 68
1 10314 10478
1997 A 0 1334
10412 105 10472 10412
- 135 Apr'28
(Inge County Elev 18t g 48_1949 F A 90 If 914 May'28 --95% 102
10012 Sale 10012 10132 58
Stamped guar 4e
1949 F A 90 Sale 90
10232 10312 48 100 1041.
103
9015 39
9 100 1011
101
. (Inge County Lighting be...._1954 1 J 107
101 Sale 100
_ 107 May'28 -First & ref 6348
1 10112 1031,
1954 3 3 1195* 1-1-93-4 11912 Apr'2:
1
4 10278
1024 103 102/
(Inney ((M)& Co 714% notes'36 J D 10634 Sale 10612 10634 10
1 10434 1051. ,
105
105 _ _- 105
98
99'- Kresge Found'n coil tr 6s
1
1936 J D 1054 Sale 10518 10514 30
9913
98
994 9912
Lackawanna Steel let 55 A-1950 M
9 120 124
124
122 124 123
102 10378 102
10212 15
Lae Gas L of St L ref&ext 5e_1934 A 0 102 10212 10214 1024
4 100 105
104 10434 10412 10434
3
69
Coll & ref 5He series C
68
5
1953 F A 105 Sale 105
66
10512 13
65 6715 66
2 10314 10458 Lehigh C & Nav s f 4145 A_ _1954 J J 100/
1
4 10134 101 May'28 -10315 -- 10312 10312
84
88
Lehigh Valley Coal iota 58-1933 J
59
87
85 Sale 85
10112 Sale 10114 10112
6
9512 9734
111
Registered
97
J J
9614 Sale 9614
10112 Feb'28 ---8714 90
10t 40-yr gu int red to 4% _119
9
9712 .___ 954 Aug'27
89 90 Apr 28
87
1
4
lit <4 ref s I 59
S
F A
S 10114 ---- 101
10115 10211 10112 10112 20 101 101/
101
let & ref f be
9558 984
1944 F A 101 Sale
6
974
973s 9778 9715
7
101
101
1st d, ref f 59
9913 101%
1954 F A 9718 99 9712 May'28 -10114 Sale 10034 10114 259
9738 1001
.
lat & ref s f 5s
4
1964 F A 98 98. 9614 Apr'28 -9934
9934 Sale 9934
lat&ref
sibs
100
9512
13
1974
F
A 944 9612 9612 May'28 -97
96 Sale 96
77% 8834 Lex Ave & P F 1st gu g 5s 1993 M
87/
1
4 24
87% Sale 8714
3714
-- 3714 May'28 --98 10118 Liggett & Myers Tobacco 79.1194
941 F
4
A o
A 12538 sale 12518 12534 20
100
100 Sale 100
as
93 9634
10414 10434 10378 1041
96/
1
4 47
9612 Sale 96
24
7 105 10612 Liquid Carbonic Corp 69... _1941 F A 126% Sale 12418 127
15
105% -- -- 10512 10612
100 103 Loew'a Ine deb 6e with warr_1941 A 0 111% Sale 11138 11334 248
102 10215 10212 Apr'28
9912 1017s
Without stock pur warrants.
44 A 0 101 Sale 101
10058 10212 10178 May'28
102
75
br5
d(P
s)Co 7e
Lorie
lla
11634 Sale 11634 11634 10
58
97 1004
13
1951 F A 924 Bale 91
9214 56
9934 Sale 9934 100
Deb
76
8334
8334 188
19373 J 9414 Bale 937
8314 Sale 7912
9458 78
Louisville Gas& Else(Ky)5e-'52 M N 10512 106 10514 May'25 - 65 105% 107
10814 Bale 10,314 107
2 10212 10314 Louisville By let cons 59___ _1930 .1 J 98 Sale 9534
102%
96
5
- 10314 10314
1
4 29 10412 105% Lower Austrian Hydro ElseFow10434 105 10434 104/
98/
1
4 10214
ling!6)4e
1944 F A 90 Sale 90
10134 24
10134 Sale 101
9012 27
79
9718 McCrory Stores Corp deb 5349'41 3 D 101 Sale 101
8
97
102
97
9834 97
21
100 10134 Menet'Sugar let of 734e_..l942 A 0 10718 10712 10718 108
10012 10112 10034 May'28
6
10134 10278 Manhat By(NY)cons g 4.8_1990 A 0 7534 Sale 75
10112 10212 10134 10258
7534 78
2d4.
20133 D 67 6712 6712
9834 10012
98
9934 Sale 9834
6712 41
99
Manna
Elec
10218
Ry
10312
&
Lt
s
27
be
1953
M
103
100
10212
Sale
10214
1023 Apr'28 -103
8618 93
Mfrs Tr Co Ws of partici in
52
90
8912 8912 89
9212 100
87
97
A I Namm & Son 1st 60_1943 J D 10514 1051 10514 10514
5
9214 Sale 9134
1940
1057
5
Q
108
7e
3
ser
991
A
Market St By
/
4 Sale 9934 10012 61
April
10612 Sale 10614 10658 32
1957 A 0 9912 Sale 99
10012 Sale 0012 10112 19 100 10112 Meridional El 1st 7s
99% 51
10378 10415 104
13 103 10415 Met: Ed 1st & ret 53 ser C..1953 J J 104 10458 104
104
10418
2
9812 101
Metr West Side El(Chic)48_1938 F A 82 83 83
100 1004 10012 10012 10
83
1
Miag Mill Mach 7s with war_1956 S D 9912 10215 9912 May'28 -76 Dee'27
103
101
warrants
9314
Without
13
Sale 9314
J D
10211 lO2s 10238 10278
9312
7
Mid-Cent Petrol let 6349-1940 M B 10512 105% 10512 106
10018 103
10212 10234
1014
20
Midvale Steel &0cony sf681936 M 8 101% Sale 10138 10214 73
5013 70
17
70
70 Sale 6378
100 Sale 100
7 l01% 1034 Milw El Ry & Lt ref & ext 4)0'31 J
102% 103 10238 1027e
10028 14
1
4 10534
General & ref fle ger A
2 103/
19
96
51 D
D 104% 105 10434 10434
105
105 10514 105
1
103 10612 106
103 Bale 102
let & ref 58 ear B
12 104% 10634
106
103
31
10734 Sale 10734 108% 17 10754 10938 Montana Power let SeA...._1943 J J 10358 10334 10358 10334 96
Deb td ser A
1962 J D 10214 Sale 10214 1027e 15
10538 107
10614 1064 107 Apr'28
10534 10714 Montecatird Min & Agrie1064 106% 10614 May'28
Deb Ts with warrants
96
9714
1
1937 3 J 11414 Sale 11272 115
98
9312 9615 98
117
Without warrante
8714 924
J J 9812 Sale 9812
8814 128
99% 57
88 Sale 8758
8078 88
Montreal Tram let & ref 68._1941 3 J 101 10158 101
6
86
101
86
874 8578
1
Gen & ref s f 59 series A-1955 A 0 99% 100% 19
85 101
09
13
%
4 A p9
100
e9234
- 101 May'28
8
9912
1955 A 0 9934 100%
94
Series B
1
9634
964 Sale 9624
1
87% Sale 87%
1939 J
88
10612 Sale 0638 10634 68 10534 10678 Morrie & Co ist s f 4 He
30
Mortgage-Bond Co is ser 2_11966
932 A 0 83 9754 824 Jan'28
1
4 69 10014 104
10214 Sale 0214 102/
10-25-year 5e series 3
7 102 105%
J .1 98% 99 9812
10415
104 Sale 04
6
99
19343 D 9612 96/
97% 99 Murray Body 15(6 He
1
4
22
9311 ---- 984 Apr'28
11458 11718 Mutual Fuel Gas 1st gu g be 1947 M N 105% 10615 10
96
'
578
2 10
97
7'8 15
1164
- 11678 Apr'28
9512 9912 Mut Ern Tel gtd 69 ext at 5% 1941 MN
103 Feb'28
9912 38
994 tittle 9814
Namm (A I) & Son-See Nitre Tr
1
94 99
9512 ___ 9534
9534
86
91
Nassau Elec guar gold 41
1951 J J 63% Sale 62%
64
117
85 -87 88 May'28
5 101 10211 Nat Dairy Prod deb 5Hs_ _ _1948 F A 9918 Sale 9878
10112 --_-- 10112 10112
9914 252
Mt 10112 Nat Euam & Stampg let 65.1929.5 D 101 _
101 May'28
101 Sale 99% 10112 18
1
4 Sale 92%
1947 F A 93/
9838 10034 Nat Radiator deb 634e
94
10138 10112 9934 10034 18
74
2 10012 10538 Nat Starch 20-year deb 55-1930 J .1 10014 10034 1003, Apr'28
105
105 Sale 105
18 101 105
National Tube 1st a I 5e.....1952 M N 105
_ 105
105
3
10355_-_- 10412 105
5
954 99 Newark Consol Gas cone 55_1948 J D 10715 ---- 10712 103
9634
98
3-4 96t2
6
110 Sale 10912 11112 141 1004 11112 New England Tel & Tel 5s A 1952 J D 10934 Sale 1094 109% 30
1961 MN 10318 Sale 10318 10313 90
9314 98
let g 4 Hs series B
9634 84
9634 9612
96
New Orl Pub Serv 1st be A 1952 A 0 9918 Sale 99
11912 19 11615 120
11912 Sale 119
100
64
31
894 10112
First & ref 55 series B____1955 J D 99% Sale 99% 100
10012 Sale 10012 10112
58
31 105% 110
N Y Air Brake let cony 69_1928 M N
10818 Sale 1084 110
_
2 108% 1104 N Y Dock 50-year 19t g 49 1951 F A 87* -61% 9
110
84
98
1 A98
1..8219
110 Sale 110
5 24
48 101 10314 NY Edison lat & ref 6145 A 1941 A 0 117% Sale 1174 11712 41
1024 Sale 10212 103
1 106 10712
lotlien&ref5sserB
1944 A 0 105 Sale 10434 105
_ 10712 10715
10712
37
48 109 117 N YGasElLt H &Pr g 59_1948 J D 10934 112 109% 109%
113
113 Sale 112
5
9418 96
Registered
100 Apr'28
9458 _ - 9458 Apr'28
Purchase money gold 48_1949 F A 9714 Sale 974
10514 79 102 1054
105 Sale 105
97% 17
NYLE&WC&RR 5349_1942 MN 10318 105 1023* Oct'27
11812 12015 55 118 121
11
99% 101% NYLE&WDock&Imp5e1943
J 100's-- 10314 Mar'27
10011 6;1;- 10038 101 212
102% 104% NY&CIEIL&P10155e....1930 F A 10111 1-6i 10112 10112
1
4 10414
104 Sale 103/
5
19 10112 10215 NYRyi18tRE&ret4e..,.,1942J 3
6234 Apr'28
111178 Sale 10158 102
5 10412 107%
Certificates of deposit
__ 5814
105% 10534 105% 10534
5814 16
18
10012 103
30-year ad)Inc 5.8____Jan 1942 A 0 592
15
4 Mar'28
10238 Sale 10178 103
34 1074 10815
CertWicatee of deposit
--__ 14
4 Mar'28
108 Sale 107% 108
9214 96
NY Rye Corp Inc 6s-Jan
9334 148
______1965 Apr
-- 3158 Sale 2812
9312 Sale 9318
32 1513
Prior lien 65 series A......1965 J ./ 93% Sale 9212
10258 10234 102% 102% 26 102 103
94
78
74 8215 NY & RIO= Gas let 65 A.1951 INN 107/
8014 32
1
4 108 10778 107/
80 Bale 80
1
4
3
NY State Rye let cons 4)49_1962 MN 5134 Sale 5112
10014 Dee'27
62
28
let cone 6 Hs series B
1962 MN 70 Sale 69%
10014 D25.27
70
4
113
10114
N
Y
Steam
97
let
25-yr
89
ser
100
108
3
4
A 1947 MN
Sale 108
100 Sale 9938
10815 13
NY Telep lot & gee of 430 1939 MN 1034 Sale 10218 10314 19
9735 214
96 Sale 94
1 10
30-year deben f 68.....Feb 1949 F A 111 Sale 11012 111
93
1 1065
98 8
10614 10612 10614 10814
30
964
101
59
20-year refunding gold 68_1941 A 0 10838 Sale 108% 109
10012 Sale 9934 10012
128
9034 9214 N Y Trap Rock let Os
1940
D 10212 Sale 10214 103
92
9212 9112 Apr'28
30
Nov'27
Niagara
Falls
Power
151
9018
58_1932
J .1 1044 Sale 10414 10434
9512 9512
8
7
Ref & gen (ie
i- 98
90
Jan 1932 A 0 10518 Sale 1044 10534 14
8812 8912 89
9
71
7824 Mae Lock & 0Pr 1st 59 A..1955 A 0 10215 Sale 102% 10312 61
744
7312 Sale 73
21
94
994
Nor
Amer
95%
Cern deb 634 A _ _1940 M 5 894 901 90
914 37
94 Sale 94
10134 Bale 101% 10232 68
9712 101% 0112 10134 15 10112 10418 No Am Edison deb 58 eer A..1957 M
8613 95
Nor Ohio Trac & Light 6e___1947 IN 13 1064 Sale
93 344
17
9134 Sale 9015
1
107 109
Nor'n States Pow 25-yr 54 A.1941 A 0 10314 Sale 1
10314
10712 10312 1074 1074
1
93
5
714
10215 42 101% 1034
let & ref 5-yr ele eerlee 11_1941 A 0 10578 107 106
10014 Sale 02
10612
3
64
100
10112
North
W
T
1st
fd
101
g
41.49gt1
J
99% 993 99%
9934
10034 Sale 0034
2
1
4 Norweg-Hydro El Nit 51V1_1957 MN 9314 Sale 19
12
5% 19
15
312 112
10514 Sale 0434 105% 54 104% 105/
98% 10112 Ohio Public Service 7 He A _1946 A 0 115 11514
994 18
9834 Bale 9834
7
3
98/
1
4 1024
let&ret7eeerlesst
1
4 Sale
1947 F A 115/
102 Salo 10112 10212
10
9514 25
9612 10114 Ohio River Edison let 6s
1948
J 106% 1067 1064 107
98% Sale 974
2
3 994 1004 Old Ben Coal let 6e
0012 10012
1944 F A 93 941 9212
94
10038
12
19 10434 1054 Ontario Power N F 1st 5e_1943 F A 104 1041 104
10434 105 0424 105
104
Ontario Transmission 151 55 1945 M N 104 1047 104% 10434
10012 MaY'27
102
5
iolfs fait Oriental navel guar 60
1033 Apr'28
1953 M 8 101 Sale
239
ser A _ _1941 FA El 10014 Bale
10114 1
10134
-61-3-4 10114 10112 13 10034 102 Otis Steel ist M
47
744
556
Pacific
Gas
&
El
864
gen
&
ref
58_1942
J
10314
1033
10314 10514 33
85
85 Sale 8234
85 658
744 8612 Pac Pow & Lt 1st & ref 20-yr 158'30 F A 10012 Sale 107:4 10072
85 Bale 8212
3
2
Pacific Tel & Tel let be
1937 J J 10344 1041 10378 10375
83 Apr'28
7634 83
185
Ref mtge 58 series A
1952 M N 1061
70 90
8814
/
4 Sale
8712 Sale 86
25
9614 10314 Pan-Amer P & T cony it 61_1934 M N 1044 Sale 1110
914
9911282 111190
10234 Sale 10112 10234 294
0
136
5
7:4
2 116
let lien cony 10-yr 70
1930 F A 10412 1043 104
90 9514
9212 96 95% May'28
10412
8
6
79
84 Pan-Am Pet Co(of Cal)cony 64'40 J D 9512 Sale
84
8312 84% 8314
48
99% 10012 Paramount-Bway let 5 He_1951
92
5%
3 1034 Sale 10
12 19
9934 Sale .8934 1004 177
0531142 17
54
105
105 10615 Paramount-Fam'a-Lasky 69_1947 J D 10012 Sale 10012 101
1054
105 Sale
144
8 1004 102% Park-Lox ot leasehold 8)48._1953 J J 101 Sale 1o0l2 10118 54
10112
101 Sale 101
58 10334 1054 Pat & Female & El cone 56.1949 FA S 10712 --- 1074 10712
10434 Sale 10434 105
3
193
9612 Sale 984
97
9514 9818 Paths Exch deb 78 with war_1937 M N 71 Sale 66
74 37
104 107 Penn-Dixie Cement 6a A
10034 Sale 10012 101
1941 M
107
- 107 May'28
28
27
Peep
Gas
1034 10512
& C let eons 6.1943 A 0 11514 1181 11534 May'28
10434 Sale 104% 105
10158 10518
10518 Apr'28
Refunding gold 68
1947 M 11 10778 Sale 1077e 1084
102%
M
104 Apr'28
10578 106 10578 10615 43 10514 1064
Philadelphia
95 10514 122
Relre& con tr 61 A_1944 F A ioiis gale 10312 103/
11734 Sale 11614 118
1
4 8
Secured 5e series A
1967 J D 16038 Sale 10018 1007 155
9812 101
9815 15
9812 Sale 9812
1967 MN 10134 Sale 10134 1024 54
10878 Sale 10834 10915 13 10614 1094 Phila Elea Co let 434e
97
97
6
9638 99 Phi's& Reading0& I ref 54_1973 S J 97 Sale 964
99 9678
97
26
Range
Since
Jan, 1,
Low
High
10413 1074
13084 135
8314 9112
8318 9012
1044 107%
119 120
105 10814
104 10678
102 10514
10118 10418
10412 106
100% 10124
10114 10218
10012 101
DT for
101 10124
97 10114
94% 1004
9415 9934
35 3714
12134 12612
10318 105%
118 133
106 113%
9915 10215
11314 11813
9013 984
91% 974
10378 106%
94
9815
88% 9115
10018 10238
105 1094
6815 774
60
OM
9914 1034
10412 195
99 1004
99 1003s
1034 106
8258 8424
964 102
8912 98
10424 10614
10014 102%
9934 100%
10234 10518
102 103%
10234 10618
9912 10434
10034 116
9415 10112
100 1024
9979 19172
99 10012
86% 88%
824 8211
9534
98
90% 9715
10315 107
1024 103
56
65
9838 9934
101 10413
89 101
100% 100%
104% 10614
10738 108
10813 11118
10158 106
9834 10158
99 1014
100 10112
884 90
118 119
104 106
109% 11158
110 110
9714 9834
ioif4
10034 1017s
82% 6234
584 60
215 4
212 4
13% 32
73/
1
4 9412
10614 109
5015 5435
65
74%
108 10914
10118 10358
11018 1114
1084 109
10058 1034
10314 104%
10414 1064
10213 10434
8011 93
10134 10378
10218 10712
103 104
105 107
9984 108
9234 9414
11412 11614
118 118
10678 108
87
94%
10314 1064
1034 104%
964 105
97% 10078
103 10514
10014 101%
10312 105
1064 108
102% 10514
10312 1054
9138 97
10112 104
98/
1
4 1014
8612 10118
107 10712
50
814
98 102
113% 115%
108 1084
104 104
10312 1044
98 101%
100 10418
94 102%
MAT 12 1928.]
FINANCIAL CHRONICLE
New York Bond Record-Concluded-Page 6
SONPS
N. Y. STOCK EXCHANGE
Week Ended,May 11.
P.
Price
Friday.
May 11.
Week's
Range or
Last Sate.
Price
FridaY
May 11,
Week'. ;
r2
Range or
Lest Sate. ol;
Range
Since
Jas. 1.
Ask Low
Sid
High Nc Low
Htell
"intern Electric deb 53-1944 A 0 104 1044 104
1044 24 103 105
Western Linton coll tr cur 6e-1938 J J 10414 1048 105 May'28
103 1(1513
Fund & real eat g 6Me.....-1950 MN 101 10214 101
101*4
4 101 103%
1936 F A 11118 Sale 11113 11152
16-year 6348
7 111 112%
Low
High
1951 .1 0 1044 Sale 10412 105
25-year gold 5e
44 104 10514
93
94% Wedhouse E AM 20-yr g 55-1946 M S 10412 Sale 104
10412 30 104 106
901 9718 Westphalia Un El Pow 6)35_1950 3 D 100 10014 100
10014
fli
97% 100%
1041 106
Wheeling Steel Corp let5Hs 1948 3 J 10334 Sale 1021
10334 34 1003g 104%
10378 1061, WhitejEagle QUA Ref deb 5A e'37
991 10912
With Wock purch warrants_ _ M S 9712 12334 98
981
19
93% ws
9912 100
White Sew Mach 63(with war)'36 4 3 123 Sale 123
126
6 123 131%
94
9514
Without warrants
10214 Sale 10214 103
12 10052 104
10413 10652 Wickwire Span St'l let 7s_ ,,1935 1 J
32
32 Apr'28 ___ _
29
28
3714
105 106
Wickwire Sp SVI Co 75 Jan 1931 M N
2514 Sale 25
2612 13
25
Si
10275 105$4 Willys-Overland a I 6)45_ _ _1933 M S 10212 10234 10212 10234
3 1011/ 10'
101% 102
Wilson & Co let 25-yr st6s_ _1941 A 0 1035* Sale 10388 104
84 101 1051,
99
98
WInchesterRepeatArms 71481941 A 0 107 Sale 10634 107
14 106 108%
93 101% trnonrat Shoot & Tube its_ _ _1978 J .1 101 Sale 1001, 101
228 1004 101%
10252 10471
10652108
100 105
94% 99%
All bond prices are "and In
114 115
"except where marked 1".
11018 11211
Standard 011 Stock. Par
Big Ask
Railroad Equipments
Buz Ask
1047e 106
Anglo-Amer 011,01stock _ LI •19
1934 Atlantic Coast Line
5.00 4.75
10414 105%
Li 13212 133
Non-voting etock
Equipment634.
4.40 4.30
104 107
Atlantic Refining
100 11714 118 Baltimore & Ohio 65
5.00 4.7t
98% 10112
Preferred
100 50
55
Equipment 4148 &
4 30 425
97 101
70 Buff Roth & Pitts equip Se_ 4.70 4.50
25 68
Borne Serymser Co
9314 9734 Buckeye Pipe Line Co50 •150 156 Canadian Pacific 4)35 & 6e_ 4.50 4.25
103 10513 Chesebrough Mfg Cons-25 *1838 18% Central RR of N J Ss
5 00 4.75
103 105
10 10412 105 Chesapeake & Ohio 65
Continental Oily t c
5.00 4.75
10834 113% Cumberland Pipe Line _100 81
85
Equipments tis
4.50 4.30
9988 10152 Eureka Pipe Line Co_ _ 100
912 934
Equipment Si
4.30 4.20
10114 104
47 Chicago Burl & Quincy Si.,. 5.00 4.75
100 45
Galena signal Oil
10012 10252
35 Chicago& North Weed 64-- 5.00 4.75
Preferred old
100 32
9212 94
Preferred new
100 *8114 8134
4.45 4.30
Equipment6)3e
95% 9734 Humble Oil A Refining-25 2218 222 Chic R IA Pao 4)4s A 5s
4.40 4.25
55
88
7038
100 *70
Illinois Pipe Line
Equipment65
5.00 4.75
111 114
87 88 Colorado & Southern 61_.._ 5.00 6.80
Imperial 011
1068* 10812 Indiana Pipe Line Co.......60 *43% 43% Delaware& Hudson 6s
5.00 4.75
90% 9015 International Petroleum--t _•2934 30 Erie 4 3.314 & Si
4.60 4.35
98% 9813 National Transit Co-12.50 58
59
Equipment65
6.00 4.85
New York Transit Co--100 11912 120 Great Northern Si
5.00 4.75
-77 1117-4 Northern Pipe Line Co.,100 *664 6718
Equipments,
4.36 4.25
9812 Ohio 011
97
57
25 *55
Hocking Valley Si
4.40 4.30
109 10934 Penn Max Fuel Co
25 .524 534
Equipment65
5.00 4.75
99314 1034 Prairie Oil& Gas
25 215 217 Illinois Central 4J45
- 4.25 6.15
953s 98
100 175 180
Prairie Pipe Line
Equipment(Se
5.00 4.75
AEquipment
1024 1054 Solar Refining
100 .331 3414
Equipment 7e & 634e____ 4.40 4.30
10234 105
*4914
Southern Pipe Line Co_ -50
4934 Kanawha& Michigan 6s___ 5.00 4.75
9814 10012 South Penn 011
Kansas City Southern 634e. 4.90 4.80
25
9312 9612 Southwest Pa Pipe Linea.100 *6112 6134 Louisville A Nashville 65--5.00 4.75
9152 944 Standard 011 (California)--t *81
8112
Equipment6 He
4.40 4.30
102 104
2314 Michigan Central Si & 8e,._ 4.60 4.30
Standard Oil(Indlana)-25 •23
106 10813 Standard 011 (Kansas) _ _25 •13214 13211 MinnSt PASSM4Hs & Cu 4.70 4.50
10434 107% Standard Oil(Kentucky)25 *43
4414
Equipment 63.4. & 75_ _
4.75 4.80
101% 105
Standard 011(Nab)
25 *4534 45% Missouri Pacific 6s & S3.4e.
5.10 4.80
93
96
Standard 0110! New Jer 25 *38% 38% Mobile & Ohio 5s
4.50 4.30
98 10134 Standard 01101 New York.25 7712 78 New York Central 434s & 511 4.30 4.15
101 10812 Standard 011 (Ohio)
2 120 122
Equipment6e
5.00 4.76
100 10414
100 •1712 18
Preferred
Equipment 7s
4.40 4.30
9714 9952
35 Norfolk A Western 4
2 •28
Swan & Finch
4.25 4.15
9514 10212
124 128 Northern Pacific 71
Preferred
4.40 4.30
974 99% Union Tank Car Co
100 *8534 8614 Pacific Fruit Express 75-- 4.40 4.30
9734 Vacuum Oil(New)
94
Pennsylvania RR eq 55 & 65 4.80 4.20
25
94
95%
*177 180 Pine!)& Lake Erie 6 He-- 4.50 4.35
F ubllo UtIlIties
10112 10234 American Gas & Electric-1 •109% 110 Reading Co
4)3e & be
4.3 4.15
108% 11014
10912 110 St Louts & San Francifico 55_ 4.45 4.30
6% preferred
104% 105%
MAN 218 220 Seaboard Air Line 5)4.& 611 5.25 4.80
2014
Deb
65
10454 10714
11614'11912
com_100
Southern Pacific Co 434s_ _
Amer Light & Tree
4.2 4.15
10434 10614
100 10714'10814
Preferred
Equipment75
4.40 4.30
100% 10212 Amer Pow &
Light Pre1-100 109 110912 Southern Ry 4;ge & Si
4.4 4.36
100% 10112
65
M&S 60
Deb 6,2016
Equipment
5.00 4.75
102% 10412 Amer Public UM com___100 10012 102 Toledo A Ohioths
Central 6i.
5.00 4.75
103 104
7% prlor preferred-.100 9512 9634 UnionPacific 75
4.40 4.30
9634 9812
Pardo preferred
100 105
Tobacco Stocks
100 102% Associated Elea 5Sie'46A0s0 23
25 American Clear eom....100 153 157
100 10114 Associated Gas A Elea com 1 *54
88
Preferred
100 102
101% 104%
97
99 British-Amer Tobao ord-41 •28
Origleal preferred
10634 110
•102
86 preferred
Bearer
29
41 *28
103% 10633
•103 1-05 Couto! Cigar prof,
Di% preferred
100 102
1011a 11112
45
46 Imperial Tob of0B & Irerdi
$7 preferred
2633
107 10814 East CUL Mac, com
1312 16 Int Cigar Machinery oew100 92
95
66
73
1031 10412 Johnson Tin Foil & Met_104 60
done, lee pt
70
5634 71
Com'with Pr Corp pret_100 1091 11012
100 s120 122
99% 10112 Elea Bond & Share pref-100 •119 12012 Mengel Co
Union
Tobacco
29
Co
coin_
31
98 10034 Elea Bond & Share Secur-t *331 3612
Class A
84
$9
98 100
Lehigh Power Securities_ __t 112 114
YOUR,(3 5) Co
1114 111 115
991g 100% Mississippi Riv Pow
pref.100 1031
Preferred
1N 104 111
100 101%
First mtge be 1951_ _ _J&J 100
Sower Stocks
107% 107%
Deb 58 1947
MAN
Cameos Sugar
so •
101 103% National
Pow & Light pref-1 148 14912 Cent Aguirre Sugar com 90 •146 148
664
North States Pow com_100 110 112 Fajardo Sugar
100 •157 159
987a 101%
7% Preferred
-. Federal Sugar Ref oom--100 20
100 19
25
Milt 101% Nor Texas Elea
__
Co com.100 55
Preferred
40
100 35
95% 9534
•8
Preferred
113
11312
100
Godchaux
Inc
19
Sudan.
101 12512 Ohio Pub
Serv. 7% pref _100 .284 2912
42
Preferred
100 .40
102% 103
Pacific Gas & El lot preI--25 •12
14
Holly Sugar Corp com---1 38
42
10214 103
Power Securities corn
90
Preferred
100 85
1 860 65
102% 10414
Second preferred
98 National Sugar RatIMM-100 •145 147
t 97
92
94%
Coll trust 65 1949-J&D 9512 9713 New Ntquero Sugar
50
100 45
10134 102
Incomes June 1949. FAA
77
78 Savannah Sugar own
•119 123
10873 11215
PugeT,Sound Pow & Lt6%p 102 104
Preferred
100 114 116
9912 102
102 104 Sugar Estates Oriente pf _100 45
48
5% Preferred
10014 10212
lst & ref 6Hs 1949J&D 10312 104
75
Vertientes Sugar pf
100 65
99 10014
South Cal Edison 8% pi_ _25 •49
_ Rum,Stk.(Cle•ed ft.otars)
84
3513 Stand GI & E 7% pr
114 115 Falls Rubber corn
•11
13
95 10033 Tenn Elea
Power let pref 7% 103% 10934
18
Preferred
25 •11
9218 9613 Toledo
105
Edison
108
6%
pi
•176
190
com.10
Tire
Firestone
&
Rub
931
. 971s
100 10912 1 l 1
6% preferred
100 11012 11012
7% Pref
93
96
Western Pow Corp pre1-100 106 108
7% preferred
100 10834 110
9334 97%
Water Bonds.
General Tire A Rub corn.25 •170 185
Arkan Wat let S.'58 A..AA0 100 10012
Preferred
:
100 100 1001
102% 106
Birm WW 1st )35A'64.A&O 10314 104 Goody'r T & R of Can p1.100
109
9034 96%
lit M be 1964 ear B__J&D 1014 10212 India Tire & Rubber
.3312 35
•14 314
City W(Chatt)5335'54A3&D 10234 10313 Mason Tire & Rubber coM-1
1514 1W34
let M be 1954
J&D 100
10
Preferred
100 .7
10814 10934 City of New Castle
Water
Miller Rubber preferred_100 70
72
108 10812
56 Deo 2 1941
J&D I 96
98 Mohawk Rubber
100 157 16412
8914 9513 Clinton WW let 56'39_F&A
9713 9812
Preferred
100 *841 85
97 10012 Com'seth Wet let 5 3.4sA'47 10212 10312
Selberling Tire & Rubber-- t *46
47
101 10335 Connellsv W 5sOct2'39A&01
Preferred
104 10712
100
10612 107% E St LA lot Wat be '42.J&J
Indus. a Miscall
jog% 112
let M Se 1942
J&J 103
Allied Int Invest pref
9912 101
Huntington let Se '64_M&EI
American Hardware
78
26 *76
51% 55
1954 98
be
Babcock A Wilcox
100 122 125
90
917s Mid States WW 6e'36 MAN
Bliss(E W)Co
019
22
100% 102
MonmCon W ist5s'56AJ&D 9612 9712
Preferred
50 •60
9412 9614 Mourn Val WI 634.
'50- Ha 101 102 Child/ Company pref....100 113 118
94
9613 Muncie WW 5e Oct2'39 A01
Hercules Powder
100 230 240
10534 10773 Eft joeeph Water be 1941A&O 9812 9912
Preferred
100 120 123
8412 925* Shenango ValWet 55'56A&O 9612
Internet Silver 7% pref_100 127
104 106
So Pitts Wat let Si 1960 J&J 99%
Phelps Dodge Corp
100 131 fii
107 109%
1g3 M
FAA 99% ____ Royal Baking Pow cora_100 268 275
1955
10213 10434 Ter H WSi
W lis '49 A_ _JAD 102 ____
Preferred
100 116 113
103 105
let M 651956 ser B__F&D 9813 ___ Singer Manufaeturing
100 615 530
105 108
Wichita Wat let 6e '119.1NeeS 102
Singer Mfg Ltd
LI •71, 812
1061
,106%
let M 5s 1956 ser B__F&A 9812
Range
Mace
Jan. 1.
Ask Low
Bid
High No.
D 94% Sale 9334
Phillips Petrol deb 5Hs--__1939
9434 115
Pierce-Arrow Mot Car deb 8s.'43 M
25
93 Sale 91%
93
Pierce 011 deb at 88_Deo 15 1931 iL. 10434 106 10412 Apr'28 ____
4
10514
P11131,1117 Fl Mille 20-yr 65_1943 A o 105% 10514 105
Pirelli Co(Italy)cony 78_...1952 M N 108 Sale 108
10834 39
Pleasant Val Coal let g a f 55-1928 3
99
991 9912
1
9913
Focal]Con Collieries tat I I 65;57 J J 9412 961 94%
6
95
Port Arthur Can & Dk 65 A.1953 F A 10514 10633 105
2
10514
let M Sc &twice B
1953 F A 10412 105% 1055a Mar'28 --__
Portland Elea Pow 1st 63 B_1947 PA N 10334 104 10313 10414
5
Portland Gen Elec let 55..„1935 J J 10314 -- 102 Apr'28 _
Portland Sty let & ref 5s__ _ _1930 M N 9834 -99 99 May'28
Portland Sty L & P let ref 55_1942 F A 10113
10138 101%
3
let lien & ref Se series B
1947 M N 10312 Sale 103% 103%
2
lat lien & ref The series A_1946 MN 107 ___ 10638 107
3
Porto Rican Am Tob cony (is 1942 J
10134 Sale 10034 102
106
Pressed Steel Car cony g 5e-1933 J J 9614 Sale 96
20
97
Prod & Ref,f 8s(with war).1931 J D 11152114 Feb'28
Without warrants attached_ . J D 11034 1-12
11012 11034
6
Pub Serfs Elea & Gas ist 5%81959 A 0
10512 Mar'28 --_
let & ref Ss
1965 J
105 Sale 10434 105
37
Punta Alegre Sugar deb 7e 1937 J J 10414 Sale 10414 1041
16
Pure Oil a I 5)s% notes
1937 F A 100 Sale 994 10014 70
Remington Arms Se
1937 64 N 101 Bale 100
24
101
Rem Rand deb 5345with warr '47 M N 9618 Sale 96
971 176
RePub I & S 10-30-yr be f _ _1940 A 0 104 Sale 104 May'28
Ref & gen 534.series A
1953 J
10334 Sale 10338 1033
10
Relnelbe Union 7e with war 1946 J J 11012 Sale 10934 1101
16
Without elk purch warle_1946 J J 100 Sale 100
1001
44
Rhine-Main-Danube 7e A.__1950 M S 10212 103 10234 1031
8
Rhine-Weetphalla Elea Pow 76'50 M N 101 10134 10113 10134 21
Direct mtge Se
1952 M N 93 Sale 9212
20
93
alma Steel let,!75
1956 F A 9712 Sale 9732
7
9712
Robbins & Myers let of 78._1942 J D 50
55
50
50
7
Rochester Gas & El 7e oar B_1946 M S 11112 112 111
1
11112
Gen mtge 5He series C-- _1948 MS 1074 Sale 10714 10812 34
Rot% & Pitts C&Ipm 54-1946 M N
9012
4
904
Jos Ry Lt & Pr let 6s
1937 MN 9814 ____ 9814 May'28
St Joseph Stk Yds let 4)33_1930 J J 991
___ 9812 Dec'27
St L Rook Mt & P 5e stmpd_1955 J
78324 80
79
7912 14
St Paul City Cable con5 55..1937 3 J
_ 9734
3
9734
San Antonio Pub Serv 1st 63.1952 J
10911 fitil-e 10914
9
Saxon Pub Wka(Germany) 75'45 F A 10134 Sale 10112 10912
102
37
Gen ref guar 6)45
1951 MN 972 Sale 97
9734 31
gehnleo Co guar 6%a
1946 J J 1044 105 10414 105
6
Guar s (1)43 series B
1946 A 0 10372 Sale 10352 104
18
Shell Union Oils f deb be _ _ _1947 MN 984 Sale 9812
99
126
Shinyetau El Pow lot 63ç5-.1952 J D 9434 Sale 9312
9614 356
Shubert Theatre 6e June 15 11142 J
9212 Sale 914
9212 23
Siemens & Halske a I 75
1935 3
10332 Sale 10312 10352
7
Deb s f 6 Hs
1951 M S 10534 Sale 10512 107
12
f 6135 allot elle 50% p6.1951 M S 10512 1061 10514 106
Si
Sierra & San Fran Power 58_1949 F A 10334 Sale 10334 104
12
011sela Elea Corp a I 6Sie_1946 F A
2
96
Exp col tr 7e
1941 F A 101 Sale 10012
10015 1011
33
Illrams Petrol 6% notes _ _ _1929 MN 10514 106 10512 10534 60
leo-UV Cons 011 15-year 75-1937 M
10312 Sale 1024 1031 165
1st lien col (le ger D
1930M5 9878 Sale 988
66
99
1st lien 634e series B
1938 J D 10014 Sale 10014 101
91
Sinclair Crude 011 51445er A-1988 3 3 99 Sale 9834
9912 212
Sinclair Pipe Lines 168
95 Sale 95
45
9614
Skelly Oil deb 534,
1::9 ft" 41
1 9434 Sale 94/3
943
11
Smith (A 0)Corp let 6)0_1933 MN 10211 Sale 10112 1021
18
South Porto Rico Sugar 73_1941 J D
10834 109 10888 1083
7
South Bell Tel A Tel 1st 551941 3 J 105 10512 10412
105
20
Southern Colo Power 63 A 1947
10533 10614 10552 106
28
1Tweet Bell Tel let & ref to_ _1954 F A 10614 Sale 106
17
1061
Spring Val Water let g /0„.1943 M N 995 10014
1
9952
995*
Standard Milling lit 54,
1930 M N 10038 101 10118 1011
8
Int A rot 53.45
1946 M
4
1031
10
Maud 011 ot N J dab 58 Deo 15'46 F A 1023 103 10214
10314 Sale 10314
1031
85
gtand 011 of N Y deb 414e
1951 J D 98 Sale 97%
981 142
Stevens Hotel letS,ear A....1945.2 J 10032 Sale 100
101
60
Sugar Estates (Oriente) 75_1942 M S 1004 Sale 100
2
May'28
Superior 011 let,!7a
1929 F A 10432
103
1045* 14
Syracuse Lighting let g 55_1951 3 D 1097 Sale
.._ 110 Apr'28
Tenn Coal Iron & RR gen 50..1964 J
10612 107 10612 May'28
Tenn Copp & Chem deb (M1s....1941 A 0 110 Sale
110
1111
11
Tennessee Elan Pow lot 6s-1947 3 D 107 Sale 107
57
1071
Third Ave 1st ref 45
1960 J J 7214 Bale 7134
278
73
Adj Ina 5e tax-ex N Y Jan 1960 A 0 7214 Sale 69%
721 1272
Third Aye 10 iota be
19373
100 ____ 1005
, 10052 10
folio Elan Pow 1,1 7,
1955 M S 100 Sale 99%
1001 113
8% gold note._ _July 15 1929 J J 99 Sale 99
993
78
Tokyo Elea Light 6% notes 1928 F A 100 Sale 100
100
121
Toledo Tr L & P 5%% notes 1930 J J 10034 Sale 10034 101
17
Trenton0& El let g 5s
1949 M S 10712
10712 Apr'28
Trumbull Steel let 5 f 63__ _1940 MN 103 Sale 102
103
60
J
Twenty-third St Sty ref 5s__ _1962
64
67 65
65
10
Tyrol Hydro-Elee Pow 7)48 1055
N 101 Sale 10034 10112 13
Whiawa El Pow s I 711
1945 MS 100 Sale 9914 101
43
Undergr'd of London 4346_1933 J J 9412 ____ 9534
1
9534
Income 611
1948 MS
12512 Apr'28
Union Elea LI& Pr(Mo)51_1932 MS 102*3 10252 10268 10258 22
Ref & ext 55
1933 MN 10258 10278 10258 10232 31
Un E LAP (III) let g )33 ear A'54 .1
103 Sale 103
10312
Union Kiev Sty (Chic) 53___ _1945 AO 93
9312 93
93
3
Union Oil let lien,! be
1931
3 102 103 102
102
2
30-yr 13s series A___May 1942 PA 11112 _ 112
112
let lien e I Si series C Feb 1935 AO 9934 IN
9952 9914 17
United Biscuit of Am deb 65.1942 MN 10233 Sale 102
10232 19
United Drug rots 25-yr 5s
1963 MS 99 Sale 99
9914 195
United Rye St L let g 4s_1934 J
84 Sale 84
84
7
MN
United SS Co 15-yr 6e
1937
9973 Sale 9952 10014 17
Un Steel Works Corp 654s A.1961 3D 93% Sale 93%
947
64
JD 94 Sale 9312
With stock pur warrante
94
5
Series C without warrants-- 3D 9311 Sale 9312
94
11
3D ---- 9334 934
With stock pur warn
2
9434
United Steel Wks of Burbach
Esch-Dudelange s f 7a _._ _1951 AG 105 Sale 105
105
3
S Rubber let & ref User A 1947 3, 93 Sale 9218
93
106
ii
Registered
9534 Dec'27
10-yr 714% eecnred notes_1030 PA log% Sale 10214 10234 43
0 El Steel CorpICoupon Apr 1963 MN 109 Sale 109
10912 106
e110-60-yr belregist..Apr 1963 MN
10814 Apr'28
Universal Pipe & Rad deb 6e 1936 J
9512 May'28 _
-9514 96
UiabLt&Traclet&reX5i1944 AO 99 Sale 9813
99
38
Utah Power & Lt let Si
1944 FA
101% 10233 44
Utica Elea LA P let e f g 55_1960 J
107
1334.13e
--e- 10734 May'28
Utica Gas A Elan ref & ext Se 1957 J J 108% 1-11S% 108 May'28
Vertientee Sugar let ref 75..1942 JO 101 Sale 100
101
17
1953
Victor Fuel betel 56
51
5113
5634 51%
1
VII Iron Coal & Coke let g 501949 MS 90
91
90
9014 16
.1
1934
We Sty Pow let & ref Si
10014 1001 10014 10014
8
0412 15
Walworth deb 434s (with wan'
35 AO 9415 Sale 9412
let aink fund 63series A-1945 AO 94 Sale 94
9418 19
Warner Sugar Satin let 71__1941 3D 1063e 10714 106% 107
4
Warner Sugar Coro 14374-1939 J J 9012 Sale 9012
91
15
Wash Water Power 68-.1939 J 105 --- 104% 104% 3
107% 107%
1
Wenches Ltlf g 55stmpd gtd 1950 Jo 10733
1944 MN
104 Apr'28
Weet Hy Coal 1.1 71
West Penn Power oar A 5e
1946 MS 10414 Sale 1044 10414 IS
1963 M
let 5e series E
1064 107 10612 107
6
Int 534e aeries F
1953 AO 10534 10634 10512 106
8
D 104% Sale 10414
1966
let mee 5e series0
10434
9
Welt Va C & C lit 64i
5312 Sale Ole
1960 J
55
12
..
BONDS
Z3
N. Y. STOCK EXCHANGE 34 h
Week Ended May 11.
'-.a.
2943
-
Quotations of Sundry Securities
53% 50
•Pee share. t No par value. $ Balls. 4 Purchaser also pays accrued divided,
n Nominal s Ex-dividend,
r Canadian quotation. • Sale Price.
2944
BOSTON STOCK EXCHANGE-Stock Record seeit7,11...
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
May .5.
Monday,
May 7.
Tuesday,
May 8.
Wednesday, Thursday,
May 9.
May 10.
Friday,
May 11.
Sales
for
the
Week.
STOCKS
BOSTON STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1.
On basis of 100-share lots
Lowest
Highest
Per share $ per share $ per share S per share $ per Share $ per share Shares
Railroads,
per share
Par.
192 193
192 19212 •192 193
192 1021, *192 192,2
426 Boston ,k Albany
100 183 Feb 8
9212 9312 02
923 Boston Elevated
9314 92
92
9214 9112 03
031 1
100 9012 Apr 26
*210234
25
1024
10238 10212 10212 *2102,2-- 10212 10212
Preferred
100 100 Feb 1
•116
*11612 ----*11612 _--- 11612 11612
10 1st preferred
100 114 Jan 3
107 1-07
107 107
190 2d preferred
10618 107
10618 10618 lOO's 107
100 105 Mar 28
79
80
80
8238 8212 83
SO
2,210 Boston & Malne corn
81
81
80
100 55 Jan 3
----_ +282
Preferred unstarn ped _ _ _ I00 604 Feb 10
.92 ii
94 24 - -64- -.6i- 04 24
115 Ser A let pref 111191aMped 100 80 Jan 3
•94
96
.143
_ •143•139 _
•143
*143
Ser B 1s1 pref unstamped 100 130 Jan 9
.130 fii *130 iii" +127 .._
Ser C 1st pref unstamped 100 114 Jan 4
*130
.130
.178
Ser D let pref unstamped 100 15212 Jan 3
.178
_ .178
*178
.178
*79 -8-0 .80
Common stamped
81
•82
*80
84
81
.82
100 6012 Jan 5
Preferred stamped
_
*84
____
100 6114 Jan 26
113 114 .82114 114
•112 114
13.5 Prior preferred stamped _100 110 Jan
114 114
114- 115
6
84 *83 84 80 82 813482 *82 84
285 Sec A 1st pref stamped_ _100 6912 Jan 4
134 134
132 133
465 Ser B lot pref stamped _ _100 10612 Jan 3
135 135 *129 132 *130 134
116 116
115 115
115 115 *112 115 *110 114
150 Ser C 1s1 pref stamped 100 98 Jan 3
____ 162 162 .162
165 +160
25 Ser D let pref stamped. 100 135 Jan 4
•164
*10712 10712 •1074
•10712
16 Neg receipts 55% paid
*10712 -10434 Jan 4
•180
180 181 .182
53 Boston & Providence
.181
100 175 Jan 4
*39
42
40
40
40
40
310 East Mass Street By Co _100 20 Jan 5
4012 41
•82
85
145
8212 8212 8212 8212 84
lst preferred
84
84
84
100 72 Jan 4
.68
80
*79
80 .79
*79
50 Preferred B
80
80
80
80
100 69 Mar 15
62
62
62
62
485 Adjustment
62
63
6212 6212 63
100 53 Feb 24
63
6314 64
63
64
368 Maine Central
6412 65
65
•64
100 59 Feb 15
6618 673s 6512 674 6314 664 63
64
(
-35i2 -6434 4,520 N Y N & Hartford
100 5934 Jan 16
•107 110 +107
____ .108 110 •107
Northern New 3lampshire_100 103 Jan 12
--•137 140 .137 140 *137 140 •137 140
Norwlcb Sc Worcester pref 100 132 Jan 25
139 139
139 139
139 139 •139 140
155 Old Colony
100 135 Jan 3
6778 683
6738 68
6738 6814 674 68,8
2,330 Pennsylvania RR
51) 6278 Feb 9
•119 121 .119 121
119 119 *119 121
24 Vermont & Sfassachusette_100 114 Jan 17
3
2018
4918
19538
2414
3
3
318 318
20
2018 20
201
491 *494 50
50
19838 19634 19834 19434
25
24
25
24
318
278 278
2012 20
2014
*4918 50
50
19714 19434 196
2412 2418 2412
----
01
92
-6612 02 91 91 91 92
•.10 .35 +.10 .35 •.10 .351 *AO .35
*128 13112 126 126 •12712 130 *12712 130
Exchange
4
4
4
438
412 412 .4
434
212 212
214 214
238 2,2
24 214
112 114
109 115
109 111
100 113
Closed.
5012
5012 50
50
*5012 51
5034 51
•103 10412 *103 10412 .103 105 *10312 105
Extra
•14
*1412 15
14
1512 *1434 1512
14
Holiday. 283 284
282 28412 280 28312 278 283
____ .240
____ .37
.38
40 *237
36
37
37
37 .36
36
37
*35
2812 2812 2812 2812 28
28
*2712 '2334
3234 33
3212 3212 3214 33
33
32
109 11012 109 10914 10812 109
10912 110
.10
11
11
11
11
11
.10
+10
3212 33
33
33
3312 3234 33
33
94
94
*94
94
04
94
__ _ _
94
1211 1214 *1214 13
1214 1212 *1134 1212
9
834 534
1014
10
10
10
10
142 14512 14412 147
145 147
142 146
86
86
85
87
88
87
88
88
101 10112 101 10112 10034 10134 101 101
.5
5.4
512 578
514 6
514
513
3134 3412 3212 3334 32
3234 33
33
•10612 10634 10612 1064 *10612 10714 .10812 10714
..21101 2---- 11012 11012 .021104 ---- 111 111
..20 .30 ..20 .30 ..20 .30 *JO .30
_
412
*4
148 14814 14814
*414812
-- 148 14834 14834 14934
31
32
3112 32
31
31
3112 31
.15
20
15
15 .15
15
16
15
•1512 1612 •1512 16
1612 1612 •16
1612
178
178
•2
214
13012 131
131 131
130 131
130 131
13412 13514 13312 13414 133 134
13212 13312
1094 110
109 112
110 110
111 111
.134 2
134
14 •134 2
112
134
21
22
21
21
2034 21
.2034 2134
1578 16
1512 1534 1534 1534 15
1534
7312 7434 74
7434 74
75
7434 7512
3114 3114 3114 3112 *3114 32
*3114 32
98
99
+97
99
9912 .97
•97
99
2934 34
3314 35
34
3538 3412 3578
2434 25
*3338 34
*2414 25 .24
25
78
78 .75
80
+78
78
•75
78
98
95
97
98
05
97
95
95
.104 106 *104 106 •104 106
.104
16
•1512 164 16
16
16
.1512 16
180 181
184 184 •180 18134 180 180
57
57
5834 5834 5612 5612 57
57
6014 6014 *6014 _ _ _ _
*5912 -- *5912
.21734 19 *21734 19 .21734 19 *21734 19
Stock
412
412
4
*4814
49
49
234 2334 23
18
1834 194
218
238
214
14
112
14
*64
.0612 8
138
112
112
5512
56
54
•10314 10512 •1054
1512 1534 15
4
4
4
2
214
2
14
118
.99
.14
14 *114
.30
•.40 .60
.70 .75 '0.60
5712 58 , 5612
2814 2814. 2712
.11 .15 0..15
20 i •10
.10
60 I •56
.55
*414 412 *414
218
233
t
134 *112
•I12
11
114 1138
1512 1512 1512
234 2414 23
2712 26
27
•214 234 *24
.45 .50 •.45
.35
.35 .35
414
*418 414
138
138
112
118 14
14
•.20 .40 10.15
412 •414
*4814
50
2334 2234
18
1914
238
218
114
138
8
•612
112
14
5634 5612
105,2 *10514
15,2 •1412
4
4
14
2
1,8 ..90
112
114
.30 •.30
.75 1..60
5734 554
274 2738
.15
_
20 - *10
.56
60
418
412
218
238
*112
2
1134
12
16
1.514
244 '23
2712 26
24 .214
.60 •.40
.33
.35
414
414
114
138
118 *all,
.15
.20
3
3
2013 2012
Miscellaneous.
Amer Pneumatic Service.... 25
272May 10
Preferred
60 20 Mar 26
1s1 preferred
50 4811 Feb 2
Amer Telephone & Teleg__100 17678 Feb 21
Amoskeag Mfg
18 Apr 13
Assoc GM & Elea Cl A_No par
Allse Tack Corp
No par
912 Jan 12
50 Beacon 011 corn It ctfe_No par
1438 Feb 20,
574 Blgelow-Hartf Carpet No par 9012May 81
Coldak Corp.. class A T C_ .05 Mar 28
---6 Dominion Stores, Ltd.. No par 1054 Jan 17
400 Elan Boston Land
21: Jan 11
10
1,200 Eastern Manufacturing
138 Jan 31
5
6,917 Eastern SS Lines, Inc
5 86 Feb 18
570 Preferred
No par 474 Jan 6
10 1st preferred
100 101 May 3
100 Economy Oroe'y StoresNc par
1112 Jan 3
1,523 Edison Electric Ilium
100 252 Feb 20
Federal Water Serv corn
3314 Mar 28
170 Galveston-Houston Elee__100 31 Feb 24
110 General Pub Serv corn.No par
1612 Jan 16
965 Gilchrist Co
No par 53134 Apr 16
650 Gilette Safety Razor__ No par 99 Jan 10
Greenfield Tap & Die
25
912 Mar 22
540 Hood Rubber
No par 32 Slay 11
40 Kidder, Peab Accep A pref _100 91 Apr 24
64 Libby, M;;Neill & Libby_ _10
9 Jan 7
05
588 Loew's Theatres
714 Jan 4
20,451 Massachusetts Gas Jos ..100 109 Feb 3
450 Preferred
100 784 Jan 4
432 Mergenthaler Linotype_No pa
99 Apr 2
5,078 National Leather
10
34 Jan 6
2,460 Nelson (Herman) Corp
2578 Apr 2
10 New Eng Pub Serv $7 pf No par 102 Jan 3
55 Prior preferred
No par 104 Jan 3
------ New Eng South Mills_No pa .10 Jan 3
Preferred
100
4 Jan 4
---411 New Eng Telep & Tides__ _100 2137 Mar 9
2,809 Pacific MIlls
100 31 Slay 7
30 Plant (Thos 0), let pref
100 15 Apr 20
97 Reece Button Hole
10 15 Mar 27
95 Reece Folding Machine__ 10
114 Feb 24
255 Swed-Amer Inv part pref _100 126 Jan 3
603 Swift & Co
100 12434 Jan 6
293 Torrington Co
2
90 Feb 7
220 Tower Manufacturing
5 .90 Star 19
1,340 Traveller Shoe Co T C
18 Mar 20
2,470 Union Twist Drill
11 Apr 12
4,290 United Shoe Mach Corp__ __25 6334 .11711:121
782 Preferred
25 294 Mar 22
36 U S de Foreign Sec 141 pref _ _
95 Jan 3
23,854 Venezuela Holding Corp
8 Jan 14
225 WaldorfSys,Inc,new eh No par 194 Jan 3
20 Walth Watch cl II com_No Par 60 Jan 5
43 Preferred trust ctfs
100 88 Jan 3
Prior preferred
100 104 Jae 5
--- 115 Walworth Company
20
1534 Mar 19
259 Warren Bros
Ni 152 Jan 4
70 1st preferred
50 50 Jan 3
5 20 preferred
50 524 Jan 11
Will & Baumer Candle corn__ 18 Feb 23
985
580
35
10012 4,113
2414 2412 1,499
----
-if 14
------- -------
4
114 115.15014 51
10312 10312
283
289
3512 30
33
109
3312
109
-32
.- -321-2
1114 1114
10
10
14512 149
85
85
101 10214
514
512
3212 33
----
--
156.31 3114
i6- 16
14914
214 2,4
132 132
13234 133
111 111
15
15
7514 7512
3114 3112
32
25
25
-1512 1512
17812 179
58
58
Lowest
Higlesi
3 per share
S Per share S Per share
Jan 188 May
194 May 1 171
81 May 9812 Deo
99 Mar 7
981: Apr 1034 June
107 Apr 20
1204 Jan 18 109 Mar 120 Nov
Jan 110 Sept
1104 Jan 24 101
83 Apr 27
5118 Mar 70 July
Jan 694 July
66
78 Apr 27
98 Apr 16
7634 Jan 87 June
Oct 139 May
155 Apr 18 118
135 Mar 12
97 Sept 116 May
190 Apr 18 1524 Dec 165
Apr
6114 Nov 64 Nov
6114 Jan 5
80
5512 Jan 73 May
Apr 26
115 May 10 10412 May 113 May
64 Feb 78
Jan
87 Mar 30
145 Apr 20
90
Jan 116 May
131
Apr 13
Jan 105 May
90
172
Apr 23 124
Jan 144'z May
10912 Apr 23 103 Sept 106
Oct
182
Jan 20 176 Doe 212 OM
43 Apr 15
25 Feb 4313 Bent
88 Apr 12
64 Feb 81
001
804 Apr 28
Ool
60 Mar 78
6512 Apr 6
12
Apr 5912 Sept
65 Jan 12
474 Jan 74 Mar
6838May 2
414 Jan 634 Dee
107 Apr 17
9211 Jan 106 Nov
1374 .lan 6 127
Jan 14812 Nov
141 Apr 24 122
Jan 1.364 001
7238 Apr 27
63 July 6818 001
121 Apr 12 107
Jan 121 Nov
412 Feb 14
244 Feb 14
51 Apr 12
19834May F1
2578 Apr 28
214 Jan
154 Jan
47 July
14912 Jan
191s Nov
364 Jan
18 May 2
713 Oct
2018 Apr 25
1512 Aug
9612 Feb 4
77 Feb
.40 Jan 19
.01 Dec
13014 Apr 12, 67
Jan
534 Mar 2
114 June
214 Jan 20
112 Doe
117 Apr 30
45 Jan
61 Apr 26
35 Feb
108 Apr 13
8714 Feb
17 Apr 10
10 June
289 May 11 217 Fob
36 Feb 3
27
Apr
404 Apr 3
2213 Apr
2812May 7
1134 Jan
3512 Jan 21
3414 June
112 Apr 13
8412 Mar
13 Jan 13
7
Oct
4312 Jan 3
324 July
9514 Jan 16
94 Apr
1212May 3
7 Aug
101451ay 10
6
Jan
149 Slay 11
84 Mar
SS May 8
70
Jan
112 Jan 10 10312 Nov
6 Slay 8
214 Mar
3112May 7
231: Feb
1094 Feb 7
91
Jan
Ill May 2
9714 Jan
55 Mar 9 .10 Dec
412 Feb 29
2 Apr
150 Apr 13 1151z Jan
4018 Jan 3
354 Mar
23 Jan 11
15 June
1612May 9 21414 Sept
21.1May 11
I Mar
135 Feb 20 1054 Jan
135141May 7 115
Jan
112 Slay 8
66
Jan
314 Jan 5
278 Deo
2678 Apr 18
16 Aug
16 Slay 4
912 Sept
7512May 10
50 Jan
314 Jan 19
28
Jan
101 Jan 31
83 May
36 May 11
412 July
2714 Apr 10
19
Oct
90 Mar 27
4013 Jan
Apr 18
61
Jan
10612 Mar 5 1004 June
18 Jan 24
174 Dec
19212 Apr 11
864 Jan
60 Apr 14
44 Jan
6014May 9
45 Jan
18 Feb 23
14
Jan
Mining.
312 418
6 314 Mar 21 6 Jan 3
412
414 4,4 2,935 Arizona Commercial
.4814 51
51
50
20 Bingham Mines
10 49 May 3 56 Jan 4
50
2318 2378 2,743 Calumet de Hada
25 2014 Jan 10 234 Feb 7
23,4 224 23
1812 18
194 2038 12,979 Copper Range Co
25 141:Mar 14 214 Jan 20
191 i
2,420 East Butte Copper Mining_10
218 218
218
238 3
11: Feb 1
3 May 11
114
112
21tMay 11
1.730 Hancock Consolidated
114
25 .30 Mar 26
214
114
Hardy Coal Co
1
8
6 Feb 20 12 Jan 14
.612 8
*612 8
*14
13
4
530 Helvetia
112
14 Apr IS
25 65 Jan 21
131
•114
1,063 Island Creek Coal
5678 58
58
60
I 50 Feb 18 60 May 11
57
10 Preferred
10512 10514 10514 *1051 1 107
1 105 Feb 14 10612 Apr 20
15
144 15
25 21178 Feb 28 1812 may 11
1812 2,893 Isle Royale Copper
15
4
.31 4
4
512 4,860 Keweenaw Copper
4
14 Jan 17
51281ay 11
25
1 Feb 24
737 Lake Copper Co
26
214May 7
178 218
14
134
134
550 La Salle Copper
.90 .05
25 .75 Jan 31
114
14MaY 7
114 Jan 19
40 Mason Valley Mines
2 Jan 7
6
114 •114
1I2
112
Mass
Consolidated
400
.25 .30
25 .20 Mar 30 .75 Slay 2
.50
800 Mayflower-Old Colony
.70 .75
.25 .50
25 .50 Jan 25 .75 Jan 11
.75
25 4612 Jan 31 65 Apr 6
561
: .5431 5712 5734 583s 2,311 Mohawk
225 New Cornelia Copper
2512 Feb 29 2911 Jan 3
284
28 *22712 28,4 *28
.20 .20 8,400 New Dominion Copper
.10 Mar 10 .20 Slay 11
.10 .15
.15
New River Company
20
*10
20
55I Jan 4 Preferred
I.
59
81 -A i); ii
59 .56
434
125 Nipiselng Mines
438 438 *4l
4 Apr 20
438
57e Jan 3
6
VIII 24 4,960 North Butte Mining
2014 214
24May 1
10 .90 Jan 8
2,4
*112 2
011bway Mining
•112
134
112May 4
25 .60 Feb 24
2
1338 8,685 Old Dominion Co
1212 1214 1278 13
26
9 Mar 8 1338Slay 11
915 Pd Cr'k Pocahontae Co No par
244
1512 1534
12 Jan 3 immay 1
15,2 .24
3512 20,602 Quincy
25 1218 Apr 18 3512May 11
234 2312 2912 31
2712 3112 5,447 St Mary's Mineral Land
25 2112 NW 27 31:
1 Jan 7
2612 264 28
Seneca Mining
24
No par
214 Apr 21
3 Jan 3
234 *214
693 Shannon
.50 .50
.40 .50
10 25 Mar 8 .65 Mar 9
.60
700 Superior & Boston copper...10 .15 Mar 12 .35 Jan 30
-.35 .60
.35
412 1,085 Utah-Apex Mining
414
414
414
6 4 Mar 7 54 Jan 4
414
138 3.910 Utah Metal & Tunnel
138
14 Feb 25
1
1 Feb 9
14
1,2
114
130 Victoria
14
14 Feb 1
25 .95 Apr 12
138 • 14
200 Winona
20
.20
25 .10 Feb 7 .30 Jan 6
.15 .0.15 .30
• SW and %eked prices no miss on 11111 day. • Aesefillment DOM$z-stook dividend. 1 New *too*. • K2-dividend.
PER SHARE
Rouge for Previous
Year 1927
Ex-rights.
54 July
261z Seel
50 Apr
1854 Oct
2712 Nov
5014 Doe
12
APT
204 Jan
96 Nov
5 Jan
10812 Dec
314 Feb
734 Mar
94 Deo
4814 Dee
106 Dee
15 Sept
267 May
364 Oct
38 Nov
174 Oct
38 Mar
10914 OM
1314 Nov
Jan
47
9534 July
114 Sept
10
Jan
124 Nov
8178 Nov
116
Oct
414 Jan
33 Dee
1024 Dec
106 Dee
314 Feb
84 Feb
140 Aug
44 Sept
4238 Jan
1612 Feb
14 Jan
132
Oct
13013 Sept
96 Deo
94 Jan
214 Nov
1411 Jan
77 Nov
3112 Nov
95 Dec
11
Apr
374 Feb
Dee
168
18
6"11 May
y
2414
179
54
70
72
1814
N
Aespor
Dee
Dee
Nov
5 July
104 Jan
30
Jan 6114 Dea
1418 June 2438 Dee
1178 May 2114 1)e0
113 Oct
254 Jae
.15 Apr
1 July
6 Dee
184 Sent
.32
Oct .85 Jan
47 Feb 67 Beet
1044 Sept 107
Apr
9 July
18 Deo
1 July
278 Feb
.80
Jan
3 Deo
.60 Mar
I Not,
.70
Oct
214 Dee
.05 Sept .85
Jan
.25 May
14 Jan
3438 June 62 Dee
184 June 304 Dec
.03 Dec 06 Feb
15 Nov
MI May
56 Nov 75 Feb
504 Feb
5 Aug
.60 Juno
338 Jan
40
Oct
14 Jan
911 Oct
15
API'
11
Jan
1813 ALA
1314 July
194 Apr
1814June 32 Deo
34 Jan
1 July
.15 May .63 Dee
15 Mar .60 Sep{
77. Feb
44 July
76
Oct
2 Feb
2 Aug
50 July
03 Ma .70 June
I Ex-dividend and rights.
Kir 12 1928.]
FINANCIAL CHRONICLE
Outside Stock Exchanges
Boston Bond Record.-Transactions in bonds at Boston
Stock Exchange, May 5 to May 11, both inclusive:
Friday
Last Week's Range Sales
Sale
of Prices.
for
Price. Low. High. Week.
Bonds-
Amoakeng Mfg Co 65_1948 9356 93
9355 $17,000
At1G
NV 1 SS L 5s_ _1959
81% 81% 10,000
Brit & IT• - Mc Ltd 734862
100 100;5 8,000
U S Yd 55'40
10155 101%
1.000
4 5-6,A.1948
7855 79
11,000
1948 85% 85% 88
11,950
1948
68 series •
96
96
250
European II:
t 7 %8_1966
100 100
1.000
1937 10255 102% 10351 4,000
Hood Rubbe: . ;.
Keystone Te ;i Co.(Phila)
1955
92
556
92
5,000
Mass 11 CO
10455 105
2,000
Metr ;
.an 130 7s_ _1954
100 100
1,00
Mus ; x.ss & Elec Ccrp of
Recklinghausen 7s_ _1947
103% 103%
3,000
New Rag Tel & Tel 58_1932
102% 102%
1,000
P C Pocah Co deb 7s __1935
112 115
8,000
Pomerania Elec Co 65_1953
9235 9255 5.000
-Saarbruecken Mtg Bk 8s'47
94
94
8,000
Swift & Co Se
1944
102% 10255 4,500
Western Tel & Tel 5s_ _1932
10135 101% 2.000
WhItenIghts Inc 6353_1932
125 127
6.000
• No par value.
Range Since Jan. 1.
Low.
High.
90
72
9851
102
70
77
9055
9855
101%
Mar
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Mar
92
104
100
May 9255 Mar
Apr 105
May
Mar 100
Mar
98
102%
106
9255
9255
101%
100%
105
Mar
Ap
Jan
May
Ja
Mar
Ja
Jan
95%
7855
100
103%
79
88
9855
100
10356
103%
10355
116
9255
94
103
103
128
Jan
Apr
Apr
Jan
Apr
Apr
Apr
May
Jan
May
Feb
May
May
Jan
Jan
Mar
Mar
Philadelphia Stock Exchange.-Record of transactions
.8,t Philadelphia Stock Exchange, May 5 to May 11, both
inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Alma: Stores
• 1434
Alliance Insurance
10 8655
American Stores
• 7155
Bellefonte Central
50
Bell Tel Co of Pa prof_ _100 117
Bornot Inc
Budd (E G) Mfg Co
•
Cambria Iron
50 43
Camden Fire Ins
3551
Consol Traction of N J_100 6054
Cramp Ship & Eng__ 100
334
Electric Storage BatCy.100
Fairm't Pk Trans Co corn ..•
Fire Association
10 80
Giant Portland Cement _50
Horn dc liard't(PhIla)com •
Horn & Hard't(N Y)com •
Insurance Co of N A_ _ _ _10 102
Keystone Telephone_ __50
Preferred
50
Lake Superior Corp_ _ _100
834
Lehigh Coal & Nay
50 12954
Lehigh Pow Sec Corp corn •
Lit Brothers
10
Manufacturers Cas Ins_ _ _ _ ......
Mark (Louis) Shoes Inc_ _•
9
Northern Central Ry.
.._50
Northeastern Power Co._ _ _
North Ohio Power Co_ __•
Penn Cent L & P cum pf _ •
Pennsylvania RR
50
Penssylvania Salt Mfg_ _50 102
Penn Traffic
256
Phila Co (Pitts) 6% pf _ _50
Phila Dairy Prod pref
94
Phila Electric of Pa
25 7434
Phila Elec Pow recta_ _ _25 29
Phil& Insulated Wire
• 6351
Phila Rapid Transit_ _50 60
7% preferred
50 5056
Philadelphia Traction._ _50 6255
Phila & Western Ry__ _50
Preferred
50
Reading Co
50
Reliance Ins
32
Shreve El Dorado Pipe L 25 2755
Scott Paper Co corn
• 49
Preferred
100 10956
Stanley Coot America__ _ _
4055
Tono-Belmont Devel
llis
Tonopah Mining
1
Union Traction
50 403,4
United Cos of NJ
100 22654
United Gas Impt
50 148
United Lt & Pr "A" cora_•
U 8 Dairy Prod class A_ _• 6154
Victor Talking Mach com_
Victory Ins. Co
3054
West Jersey & Sea Sh RFt50
Westmoreland Coal
50
York Rys pref
50
RightsPennsylvania RR
1435 1555 2,255
8655 8735
1,200
6955 7154 4,576
24
24
33
11555 11756
369
10
300
103,4
23
23
100
43
43
288
34
3534 4,400
6054 6034
68
3.55 454 5,940
82
150
8254
1155 1154
200
7755 84
8,100
31
31
15
220 225
10
59
5956
180
102 10454 3.950
434 .5
76
15
15
100
83,4 851 3.850
12254 130
11,000
34
3654 3.100
25
2554 2,789
4755 48
600
8
9
505
8954 8955
10
2755 2754
500
2854 2954 5,800
81
8154
247
6755 6854 18,100
9934 10354 2,054
155
154
500
5454 5654
100
94
9455
407
73
7455 3,300
5,500
2734 29
100
6334 6354
60
6055
900
5054 5154 3,544
82
6256
525
640
1054 1154
100
3474 3474
114 115
700
32
3254 1,142
2554 29
7.484
4355 49
220
10955 10954
5
4055 4254 15,871
1
134 2,500
43,4 4151• 8,200
3974 4055 2,000
22655 22656
6
144 14934 139,300
2454 26
5,600
6054 8155
915
973-410454 4.200
30
3054
285
3654 38
316
51
52
96
4355 4355
10
2
BondsAdv Bag & Paper 613_1962
Elec & Peoples tr ctfs 4s'45 82
Inter-State Rya coil 481943 50
Keystone Telep lot 58_1935
Lake Sup Corp Inc 5s
stamped
1929
Lehigh Coal az NayConsol 4568
1954
Midland Valley 5s
Peoples Pass tr ctfs 48_1943 66
Phila Elec (Pa) lot 455s'67
1st 55
1960 108
1st lien & ref5%s_ _1947
let lien & ref 5%s._1953 10755
Philo, Elec Pow Co 556s '72 106
ii......1 1/vo.t.15-1111n1•1.10 '50
10054
6134
50
9655
255 76,700
10054 14,000
6254 40,400
5055 7,000
9654
1,000
2655 2634
10134
9934
6554
10235
107
107
10755
10534
7714
3,000
Range Since Jan. 1.
Low.
1455
74
64
17
11555
10
23
42
2755
54
151
6934
10
6455
30
215
52
8435
3
12
3
10535
20
2235
2755
8
8855
2055
18
7955
63
92
155
52
90
5555
22
61
51
50
58
1034
3454
10734
2555
18
4054
103
4034
1
134
3755
22555
11455
1555
3731
53
2755
35
51
42
High.
Jan
Feb
Jan
Jan
Jan
Apr
May
Mar
Jan
Mar
Feb
Jan
Feb
Feb
Mar
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
May
Jan
Mar
Jan
Jan
Feb
Jan
May
Jan
Mar
Jan
Jan
Mar
May
Jan
Mar
Mar
Apr
Mar
Mar
Mar
May
Jan
May
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Feb
Feb
May
Jan
174 Apr
20
8734
7454
24
118
14
33
433,
3835
61
14
83
1154
85
42
241
64
10454
7
21
955
130
373,4
2554
5055
2255
8954
2954
2954
82
72
10954
154
5654
9455
7455
29
65
61
5235
63
15
3634
115
373.4
29
49
10955
5451
2
41311
4074
228
1493,4
26.55
6154
10454
34
3955
5755
45
Feb
May
Feb
Jan
Mar
Feb
Jan
Mar
Apr
Apr
Jan
Apr
May
AM
Jar
Mai
Mai
May
Jar
Jar
Api
May
May
May
Api
Jar
Fet
Api
Api
Mal
Api
Jar
Jar
Mal
Ap
Ma:
Ma:
Jar
Ap
Ma
Fel
Fel
Fel
Ma
Ja
Ma
Ma
Ma
Ma
Ja
Ma
Fe
Ma
Ma
Ar
Ma
Ma
Ja
Jo
Ja
Ar
234 Mf
9955 Apr 10035 Fe
60
Jan 63
Fe
50
Jan 52
Jo
9634 Jan 97
Jo
14
10154 2,000 10034
9955 3,000 9955
66
9,000 65
103
4,000 10234
10855 23.700 107
107
2,000 106
10754
1,000 106
10655 21,000 1054
7714 5 nnn 1141.4
Jan
31
Mar
May
Jan
May
May
Jan
Mar
Jan
10151
9954
663-4
106
10954
10734
10754
10655
Jan
RI/
Ms
Ms
Mt
Alor
M
Al
M ar
Jo
Fr
P4
• No par value.
Baltimore Stock Exchange.-Record of transactions at
Baltimore Stock Exchange, May 5 to May 11, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High Shares.
Am Wholesale Prof .-._l00
• 50
Arundel Corp
Atian Coast L(Conn). _50
Bait Commercial Bk
100
Baltimore Trust Co
50 20955
Range Since Jan. 1.
Low.
104;5
10614 10634
49
5154 10,475 46
195 195
155 190
150 150
22 146
193 215% 1,812 158%
2945
Friday
Sales
Last Weeks Range for
Sale
of Prices.
Week.
Stocks (Confirmed) Par. Price. Low. High. Shares.
Mar
Jan
Mar
Mar
Mar
High.
10755
5155
212
150
225
Jan
May
Jan
May
May
Baltimore Tube
100
Preferred
100
Benesch (1)& Sons corn •
Preferred
25
Black & Decker corn
• 3154
Preferred
25 2635
Central Fire Ins
10
Voting trust carats __AO
Century Trust
50
Ches&PoTelofBaltpf__ _100 114
Citizens National Bank _10 55
Colonial Trust
25
Commercial Credit
• 3355
Preferred
25 26
Preferred B
25 2655
655% 1st preferred _l00 95
ConsolGas E L & Pow_ _ _.• 88
6% preferred ser D __100 11151
5% preferred
10534
Consolidation Coal _ _100
Crook (J W) pref
52
Dalton Tire & Rubber _ _.* 1534
Drovers & Mech Bank_100 .
Eastern Rolling Mill
• 2834
Equitable Trust Co_ __ _25 120
Fidelity az Deposit
50 310
Finance Coot Amer A_ •
Finance Service coin_ _ _ _10
Common class B
10 18
Preferred
10 103,5
Houston Oil pref v t c _ _100
Hurst (J E)& Co 1st pf 100
Mrfs Finance corn v t _ __25
1st preferred
25 2155
2d preferred
25
Maryland Casualty Co_ _25 190
Maryland Mtg Co corn_ •
Md & Penna RR com_100
Maryland Trust Co__ _ 100
March & Miners Transp _ _• 4954
Merchants Nat Bank_ _ _10 35
Monon W Penn PS pf 25
Morris Plan Bank
10
Mortgage Security corn _ _• 2055
First preferred
50 8355
Mt V-Woodb Mills pref100 97
Nat Bank of Baltimore_100
Nat Marine Bank
30 77
New Amsterd'm Cas Co _10 79
Park Bank
Penna Water & Power _ _ _• 88
Roland Park HomelandFirst preferred
100
Schoeneman (J) lot pref
with warrants
100
Silica Gel Corp corn v t..... 25
Stand Gas Equip pref.. _100 30
Sun Mortgage Co
19
Un Porto Rican Sug corn _* 5934
Preferred
• 60
Union Trust Co
50 338
United Rys& Electric_ _ _50 1734
1.1 S Fidelity & Guar_
50 450
Wash Balt & Annap pref50 15
West Md Dairy Inc pref __• 96
Prior preferred
50
Western National Bank_20
9
9
40
40
4274 44
2654 2655
3155 33
26
2655
45
47
4734 4755
232 236
114 114
5034 55
90
90
3234 35
25
26
26
2654
9534
93
87
8955
11135 11155
105 10534
31
31
52
52
1474 153.4
406 406
2854 2954
120 120
309 320
1054 1055
1854 1855
18
18
10
1034
9955
99
67
67
243.4 2455
2155 22
1834 19
190 194
18
18
24
24
246 251
4935
48
3255 35
2634
26
1534 1555
2054 21
82
8355
96
97
282 282
77
77
7955 833-4
40
40
8755 8855
5
50
301
45
4,282
134
188
55
97
22
2.207
103
1,832
290
911
515
1,970
90
178
540
100
2,060
10
2,700
111
533
50
60
2
84
224
10
89
263
28
1,043
24
50
30
579
5,033
.`230
45
270
25
375
5
20
4,498
340
151
Range Since Jan. 1.
Low.
9
32
33
2634
24
254
4435
45
217
113
50
90
2134
23
23
8855
6755
110
10055
2734
5054
6
400
2434
108
27534
1055
1655
18
955
9555
65
2455
20
1854
174
18
24
235
4555
3054
25
15
1755
70
95
280
77
71
32
68
1013,4 10155
20 100
100 100
25
27
30
30
18
1935
59
5934
59
6034
338 340
1455 1755
447 455
15
15
96
97
55
55
42
42
25 9955
475 17
30 30
150 1735
1,715 3054
1,440 4055
108 315
3,275 13
756 3483.4
40 15
116 75
32 5254
5 4055
Bonds
Black & Decker 6%s_ _1937 12154 12154 12455 59,500
Cen Ry ext & impt 53 _1932
9954 9955
200
Commercial Credit65 _1934
9955 9954
1,000
5558
1935
96
96
5,000
ConsG.EL&PIstpf6sserA49
10634 10654
1,000
Consol Coal ref4%s._1934 93
93
9355 9,000
Elkhorn Coal Corp65551931 95.34
9555 9555 13,000
Georgia & Ala cons .5s _1945
10055 10034
1,000
Md Electric Ry 1st 5s _1931 9934 9955 9954 8,000
Norfolk Street Ry 58...1944
105 105
2,000
Silicia Gel 634s
1932
105 105
3,000
UnPortoRicanSug83.4%
Notes
1937
102 103
5,000
United Ry & E lot 4s_ _1949 73
7054 73
6,000
Income 45
1949 53
50
53
90,000
Funding 5.5
1938 7834 76
7855 18,600
6% notes
1930 9635 9455 9654 4,000
1st 65
1949 95
933,4 933.4 23,000
Wash Bait Ar Annanna 10.11
R7 /1
07
07 3../ *0(010
• No par value.
High.
May
11
Jan 42
Mar 46
Feb 2755
Jan 3455
Apr 27
Jan 49
Jan 48
Feb 236
Apr 11755
Mar 55
Jan 92
Mar 35
Jan 26
Feb 2655
Jan 9555
Jan 93
Mar 113
Feb 10554
Apr 8834
Jan 5255
Apr 1534
Feb 406
Mar 2974
Jan 128
Feb 320
May
1154
Jan 2055
May 20
Mar 1055
Jan 10355
Apr 6834
Mar 2635
Jan 25
Mar 2034
May 195
Apr 18
May 31
Mar 251
Apr4955
M5
35
Jan 27
Feb
1635
Feb 2134
Jan 84
Jan 97
Apr 286
May 77
Feb 8354
Jan 40
Jan 90
Feb
Apr
May
Jan
Apr
Mar
Jan
Jan
Jan
Jan
May
Jan
May
May
May
May
Apr
Jar
May
Jar
Fet
May
July
May
Api
May
May
Fel
Fet
Fel
Ma
Fel
Ap
Ma
Ma
Mal
Ap
Ap
Ma:
Ma:
Ma:
Jai
Ja
Jo
Ma
Ma
Ja
Ma
Ma
Ma
All
Feb 10155 Ar
Jan 101
Mar 2854
May 40
Mar 20
Mar 60
Mar 61
Jan 34255
Mar 2054
Jan 460
Apr 18
Jan 97
Jan 5574
Feb 42
Ms
Al
Mt
Mt
Al
At
Jo
Jo
Ma
Fe
MI
Jo
Ms
10855
9954
98
94
10554
93
95
99
9934
105
101
Jan 127
May 100
Jan 101
Jan 96
Mar 108
Mar 94
Jan 9855
Feb1003.4
Jan 9954
May 105
Mar 10555
Alyr
M,an
F1oh
A-pr
Jrin
A pr
Siin
M;
J;an
MI
A pr
99
7054
50
7434
9434
9355
RR SA
Feb10355
____ 103
Jan 55
Mar 8455
May 9955
Apr 98
Fah on
Apr
A pr
J
5
J
J
rt
Cincinnati Stock Exchange.-Record of transactions
at Cincinnati Stock Exchange, May 5 to May 11, both
inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares
Am Lily Mach,corn _ _ __25
Am Products pref
•
Am Rolling Milicom _ _ 25
Am Thermos Bottle"A" ..•
Preferred
50
Baldwin com
100
Buckeye Incubator
•
Burger Bros
•
Carey (Philip) coin _ _ _100
Preferred
100
Carey Rites
•
Cent Brass
•
ChampCtd Pap pf new _100
Churngold Corp
*
On Car Co
50
CNO&TP
100
CM Gas& Elec
100
C N & C Lt & Trac com 100
Preferred
100
Chi Street Ry
50
CM & Sub Tel
50
On Union Stock Yards_ 100
CBI Postal Term pref _ A00
City Ice & Fuel
•
Coco Cola"A"
•
Crosley
Cooper Corp (new)
_100
New preferred
100
Dow Drug corn
100
Preferred
100
Eagle-Picher Lead corn .20
Preferred
100
Early & Daniel com
•
Fenton United corn_ .100
Fifth-Third Union Tr _ _100
First National
100
•
Formica Insulation
•
Gibson Art com
C.:odyear Tire pr pref.. _ 100
Grusn Watch com
•
-_-____ .
IAA
102
10055 10254
28
2754 2855
10054 10055 1033,4
1655 18
1755
49
49
353,4 36
28
23
25
1451 1454
1455
261 261
265
12555 125%
8
6
6
2355 2355 2355
110 110
4734 4454 4755
32
3234 3255
480 480
10034 100
1003.4
10834 10855 109
8155 82
5454 .5334 5456
127
12655 12755
4951 493.4 4955
85
85
4855 50
37
3655 37
4355 37
4955
6855 6834
102 102
3955 3955 40
125 125
16
1654
17
103 10334
93
83
93
10135 10155
36534 38531
390 390
22
2056 22
4954 49% 5054
98
96
96
4834 50
Ilk
110
2,249
179
2,581
960
20
100
2,057
125
20
4
33
115
1
587
2,200
6
174
435
45
353
384
60
23
2.558
380
8,288
150
62
827
5
2,992
93
1,157
16
1
15
1.595
623
50
17
t•e%
Range Since Jan. 1.
Low.
100
2634
9955
11
43
35
19
13
250
12454
6
2355
100
42
2954
429
9734
9755
75
4554
11655
4334
85
3654
3055
25
62
9755
36
125
1534
102
56
90
360
38054
2034
43
9555
47
High.
May 114
Jan
Jan 293-4 Apr
Mar 120
Jan
Feb
1734 May
Jan 4954 Feb
May 41
Jan
Jan
May 49
1455 Max
Jan
Jan 274
Apr
Jan 126
Apr
May
May
6
May 2754 Feb
Feb 110
May
M
8055 Apr
Feb 3334 Jar
Jan 480
Api
Feb 10035 May
Feb 109
May
Jan 82
May
Jan 55
Jar
Jan 128
May
Mar 56
Ayr
May 9234 Jai
Feb 49
May
Mar 3854 May
Feb 4934 mal
Mar 70
Ap
Feb 107
Ap
Mar 40
Jai
May 130
Ap
Ma
2435 Jai
Apr 118
Fel
Mar 92
Ma
Jan 10155 Ma
Ap 374
„la
Feb 390
Ma
Mar 26
Fe
Jan 5054 Ma
Ap
96 5 ma
A
5410
1/ Fe
P. .
..._.
_'S.eb
FINANCIAL CHRONICLE
2946
Bates
Friday
Last Wears Range for
Week
Sate
of Prices.
Stocks (Concluded) Par. MCA. Low. Hfok. Shares.
Range Since Jan. 1.
Low.
High.
Friday
Sales
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Continued) Par Price. Low. High. Shares.
[VOL. 126.
Range Sines Jan. 1.
Low.
Fish.
Hart, Schaffner & Marx100
Apr
Jan 181
170 173
275 134
Hannay Motor Co
Feb 2355 May
• 2255 20% 2335 12,600 12
Preferred
May
• 49% 49
610 42% Feb 50
50
Illinois Brick Co
Apr
Feb 44
25 42
4151 42
1,305 39
3654
Illinois Nor Utilities pf_100
20 98% Jan 100% May
10035 10034
Indep Pneu Tool v t
May
5455 55
100 4755 Feb 55
55
Inland Wire & Cable corn10 4451 44
Jan 4755 May
47)5 5,335 26
42
Kalamazoo Stove corn___• 116
May
11255 135
7,750 65% Jan 135
Kellogg Switchb'd corn.. 10
my, Jan
11
12
84 Mar
1,825
45%
Preferred
100
Mar 06
Jan
84
84
25 75
Kentucky Util Jr cum pf 50 54
Apr
54
176 50% Feb 54
54
8755
Keystone St & Wire com_* 55
May 61
May
55
61
5,010 53
Kraft-Phenix Cheese Co10455
Common
25 71
7155 2.750 60% Feb 7155 May
68
La Salle Ext Untv corn_ _10
Mar
351 3%
351
4
3
Jan
475
Li bby,McNeill di Libby.
_10 1151
May
10% 13
8% Apr 13
39,020
Lindsay Light corn
10
3
Jan
3
4% Apr
2
500
3755
Lion Oil Refg Co corn _ _ _ _• 29
2855 32
Apr 32
24,350 26
May
44
McCord Radiator Mfg A.* 43
43
Feb 4455 Apr
35 40
4455
113%
McQuay-Norris
4855 5951 5,870 2355 Jan 59% May
56
Marvel Carburetor (Ind)10 89
8735 109
31.175 6155 Jan 109
May
Meadow Mfg Co corn ____• 18%
185( 20
3,810 1054 Jan 2251 Apr
Mer & MfrsSec Copr pf 100
96
98
435 91% Jan 98
May
540
Part preferred
25 2355 23
25
May
1,080 1554 Jan 25
Middle West Utilities - •
15755 160
13,090 123% Jan 169
May
197
Rights
4% 555 33.900 115-16 Feb
434
534May
Preferred
120% 123
100 122
2,395 116)5 Jan 12455 Feb
9934
6% preferred
981 9355 Jan 100% May
• 9955 9955 10054
6% cum pr lien pfd
105 107
• 107
Mar 108
1,110 99
May
Prior len preferred _A00 12955 12755 13051
645 125
Mar 13051 May
10034
Midland Util6% pr lien 100 9555 94% 9555
293 9455 Jan 97
Mar
5751
7% prior lien
106 107
100 107
281 104
Apr 107
May
Preferred 6% A
91
100 9031 90
235 89% Mar 92% Mar
123
Preferred 7% A
10351 10451
100
Jan 10555 Apr
170 103
75
Minneap Honeywell Reg -* 42
38)6 45
6,070 30
Feb 45
May
102
Preferred
110% 112
100 112
515 9755 Jan 112
May
Miss
Val
pf
_
Util
9.5
•
pr
96
lien
94
110
Jan
Jan
9655
61
Monighan Mfg Corp"A" -• 28% 28
29
2.940 24% Apr 2955 May
104
Monsanto Chemical Wks _• 5555 5555 57
425 38% Jan 57
Apr
Morgan Lithograph coin_ _• 79
79
86
11,850 7354 Jan 8755 Apr
sig 42 35,925 2755 Jan 42 May
Jan 11934 !Mar Nat Elec Power A part --• 39
119
7% preferred
104 104
100 104
Jan 10555 Feb
50 104
Naional Leather corn _ _ _10
5%
ssi 6 17,850 3% Jan 6 May
National Standard corn._.• 52
52
575( 21,360 3755 Jan 57% May
transactions
at Neve Drug Stores corn ___• 32% 30% 32% 9,905 2651 Apr 3355 Apr
Chicago Stock Exchange.-Record of
Convertible "A"
• 42% 4055 4255 2,235 40
Apr 43
May
Chicago Stock Exchange, May 5 to May 11, both inclusive, Noblitt-Sparks
IndInccom* 37
35% 4455 22,500 3151 Apr 4455 May
com iled from official sales lists:
North American Car corn • 44% 44
46
3,450 3251 Jan 48
Apr
Northwest Erg Co com...• 44% 38% 46
May
6,480 29
Jan 45
Sates
Friday
Nor West Util pr In pref 100 102% 10255 103%
30 9955 Jan 105
Feb
Range Since Jan. 1.
Last Week's Range for
7%
preferred
101
100
10351
215 9954 Jan 103% May
Week.
of Prices.
Sale
Novadel Process Co com •
1651
17
103%
17
Low.
May
Mar
885
High.
Shares.
High.
Stocks-Par. Price. Low.
Preferred
32
• 32
250 28
3255
Apr
Mar 33
114 115
20 108% Jan 115
Apr Oklahoma G & E pref _ _100
Jan 96
Mar
83
9014
Acme Steel Co
25 9036 89
Penn
Gas
&
Elec
"A"
corn
2255
•
2755
2654
20
Apr
11,570
Jan
Jan 27% May
2834
21
27
Adams Royalty Co corn_ _• 2655 26
Pines
Winterfront
A
com..5
94
101
95
9,500 54% Jan 102
Jan 2134 May
2
May
All America Radio cl A__5 1834
1834 2134
182 185
May Pub Serv of Nor III com • 185
110 159% Jan 185
May
2336 Feb 29
29
Amer Colortype coin_ _ .. _• 29
28
Common
100 18554 18155 18534
Feb
95 15955 Jan 18554 May
9751 Mar 101
Am Fur Mart Bldg pf_.100 9934 99
99j
6% preferred
111 111
100
10 110
Feb 115
1834 Jan 2636 Apr
Mar
Amer Nat'l Gas Corp_ _ _ _• 2155 2155 2355
7% preferred
119 119
100 119
0755 Mar 10154 May
10 118
May 121
Feb
American Pub Serv pref100 10136 10036 10134
78
90
4,995 3855 Jan 90
May
9534 Jan 10234 May Q-R-S Music Co corn _ _.• 85
Am Pub Util Co prior pf100
10236 10255
Quaker Oats Co corn
290 290
*
Apr
97
262
Jan
63
8751
Apr
Apr
327
9655
Panic pref
96
9655
100
Preferred
100 12755 12754 127%
Feb 11736 Jan
555 111
103
Apr
Jan 128
American Shipbuilding 100 104
104 105
105 105
10 98% Jan 105
1335 May Reliance Mfg Co prat _100 105
Jan
4
Mar
Amer States &cur Corp A • 13
1236 1336
14
14
40 14
434 Jan 1755 May Ryan Car Co(The) com_25
May 20% Jan
1755
Class B
16
• 1634
Sangamo
Electric
Co_
_
38%
_
_•
41
3834
651 May
8,060 3054 Jan 41
54 Jan
May
535 634
Warrants
534
Preferred
109 109
100
Jan 9336 May
75 107
87
Apr 109
May
Armour & Co(Del) pref 100 9334 9354 9354
• 104
Feb Sears, Roebuck corn
10155 105
1,120 8255 Jan 110% Mar
6636 Jan 87
87
Armour & Co pref
100 8455 84
Shaffer
Oil & Ref pref _ _ 100 9551 945( 96
250 79
1134 May 1534 Apr
Mar 06
May
Common cl A v t e___25
1136 11 34
Jan 3934 Jan So Colo Pr Elec A corn_ _25 2655 26
935 25
36
2634
Jan 2655 Apr
3755 39
Associated Investment Co•
10354 10355
95 101
Feb 14136 Mar So'w G & El Co 7% pf _100
114
Jan 10454 Mar
Auburn Auto Co com____• 134
134 138
96
Mar Southwest Lt & Pr pref • 96
96
140 8951 Jan 96
5951 Jan 82
Apr
Balaban de Katz v t c_ _ _25
7236 7455
6255 65% 12,500 60
Feb 3934 Apr Spiegal May Stern com_.• 63
24
May 6551 May
39
Bastian-Blessing Co(com)• 3634 36
655% cum prat
2,215 99% May 100
100 9951 99% 100
May
Baumann (Ludwig)& Co37
5455 109,150 30% Apr 54;4 May
May Stand Dredge cony pt. _ _• 41
May 102
101
101 102
ln 75 cony pref
100
74
74
Apr Standard Gas & Electric_•
10 59
Apr 32
24
Jan 74
May
Baxter Laundries Inc A_.• 2854 2755 30
90
25
92
May 71
Apr Steel & Tubes Inc
270 49
68
Feb 92
May
6955
68
Beatrice Creamery com_50
Stewart-Warner
10055
9755
Speedom
May
25,750
•
11955
Feb
51
7754 Feb 10055 May
9554
9955 11934
Bend's Corp cl A
10 115
Studebaker
Mall
Ord
May
951
corn 5
8% 951
750
May 115
110
851 May
951 Mar
110 115
Class B
10 115
131 135
May Swift & Company
1,835 124% Jan 136
100 134
Jan 113
66
May
89 113
10 92
Borg & Beck corn
2851 3055 5,700 26
15 30
1636 Jan 2236 May Swift International
Jan 34% Feb
2136
Brach & Soria(E .1) corn_ _• 2136 21
18
2055
875 13
•
Apr 2334 Feb Tenn Prod Corp. corn_
20
Feb 2055 May
2155 21
2136
Butler Brothers
60% 61
1.000 5951 Feb 64
May Thompson (J R) corn...25 61
3834 Jan 53
Apr
53
46
CampbellWyant&CanFdy• 50
27% 30% 3,350 275( May 31% May
4234 Feb 5355 May Twelfth St Stores pref A._• 28
10 5136 5134 5354
Cradle & Co(A M)
7
5
Warrants
55(
3,765
Mar
Feb
69
49
334 May
May
7
68
65
• 68
Celotex Co com
20
Wacker
95
Drive
95%
9551
Bldg
pf.•
Apr
7.030
88
1145(
Feb
80
Apr 96
Mar
88
87
100
Preferred
56
56
50 56
May 2536 Jan United Biscuit class A.__• 56
23
May 64
Jan
2355
28
Cent D Pa Corp"A" pf-- •
31
3955 32,690 31
May Units Corp of Amer pref..S 34
Feb 100
95
May 3955 May
100 100
Cent Gas & ElCo6%pref -•
United
Light
dr
Power
9455 Feb 10434 May
10454 10455
7% preferred
•
Class "A" preferred...* 101% 101 101)4
120 95
9734 Jan 10055 Apr
Jan 102% Apr
Cent III Pub Serv prof_ _ _ -• 9955 9955 9955
Class "B" preferred_ •
57% 5751
May
60 53
Jan 101
95
Jan 58
May
100 101
Cent Ind Power pref .._ _100
25 9454 Mar 9455 Mar
94
Jan 9951 May United Pub DUI 86 pref..' 943.4 9455 9455
9954 9951
Centfa of depoglt _ _ _100
76
20 73;5 72
2,265 69
May U S Gypsum
1555 Apr 20
Mar 93
Jan
1734 20
Central Pub Eery (Del)..._• 18
Preferred
125
100
125
110 122
203.4 Jan 2535 May
Jan 125
May
2554 2554
Cent Pub Serv Corp A ---•
Univ Theatres Cone cl A.5
6
6
100
May
102
Feb
Jan
99
4
May
102
6
100
Cent States P&LCorp pf__. 102
14
• 13)5 13
Jan 98
4,610
May Wahl Co corn
76
8% Mar 1554 Apr
98
9136
• 92
Cent S W Util corn
10955 10954 2,000 10055 Feb 110
May Walgreen Co 655% pref100
10335 Feb 111
Apr
10954 111
• 111
Prior lien pref
Corn stk purch warr__.• 23
2
2536
Jan
2,330
23.4
10555
Jan
Jan 25% May
9934
5
105
104
• 104
Preferred
66
79% 58,750 32
Feb Warner Gear"A"conv p125 68
2
I% Apr
Jan 79% May
154 2
134
CiliC City dr Con Ry ptah .•
9
8
160
1236 Apr 2234 Jan Williams Oil 0 Mat com_•
10
6% Jan
Apr
2114
18
• 1934
Participation pref
6
6
100
Jan Wolverine Portland Cem10
1455 Mar 18
9% Apr
555 Jan
16
15
Certificates of deposit_ -*
7251 73
6.50 695( Feb 79
Jan Wrigley(Wm Jr) Co com _• 73
18
Feb
10
Mar
15
15
15
___*
"A"
Mfg
Chicago Elec
7,326 12
Mar Yates-Amer Mach part Pf• 19% 18% 22
Feb 40
30
Apr 24
May
3755
37
Chic Jeff Fuse & El corn __• 87
Jan Yellow Cab Co Inc (Chic)• 33% 325( 34
2,180 30% Mar 43
Mar 44
20
Jan
20
20
Chic N S dz Milw com __100
Zenith Radio Corp com_.* 72
7055
Apr
21,300
100
8855
Mar
97
Feb
8854
554
May
100
3
99
100
100
Prior lien pref
Jan
60
Mar 65
100 6255 6036 6254
Preferred
Bonds
10031 Jan 10236 Jan
102
101
ChicRapTranprprefA. _100 102
98
98
85,000 97
351 Mar Bloomington Limiest 681942
Feb
2
Mar 9955 Jan
3
3
Chic Rys part ctf sertes2 _ 10 0
May Boise Water Wks 5548 1948 9955 9934 993.4 2,000 9954 Apr 99% Apr
2
55 Feb
2
1
100
Part ctf series 3
Cairo Bridge & Fer 1st M
Apr
Feb
102
9534
102
10134
10134
Chic Towel cony pref ____•
20-yr 6558
10151 10151 2.000 99
1947
4754 Apr 5136 May
Jan 102
Mar
Chickasha Cotton 011 __AO 5134 4935 513.4
98
98
2,000 98
Jan Cent States Util 65_ .1938
Feb 39
35
Jan 98% Mar
37
Club Aluminum Uten Co_• 3636 36
Ch
of
Rks
Kghwy
BdgMay
66
May
6136
6151 66
Coleman Lamp & Stove-.• 62
654s
10255
10255
1947
4.000
Feb
100
Jan 189
165
Feb 10254 May
18534 189
Commonwealth Edison_100 187
Feb Chic Artific Ice let 68_1938 985( 9751 98% 18,000 97% May 98% May
Jan 20
15
16
16
•
Consol Film Ind Inc
8655 8655 4,000 84
Apr Chic City Ry 58 ctfs dep '27
Feb 26
Feb 8755 Jan
22
2455 2436
67
67% 7,000 65
1651 Apr Chic City & Con Rye 58'27
755 Jan
Feb 70
Feb
Preferred*
5 135( 1255 1454
Co corn
Consumers
Jan 9836 Apr Chicago Railways95
87
95
100 95
Preferred
1st M ctf of dep 58..1927
84% 85
15,000 83% May 8755 Jan
7
•
1036 Apr
751
331 Feb
7
V t e pur warr
45
58 series B
45
1927
5.000 43
May
Apr 14
Feb 46% Feb
14
12
14
Continental Motors corn.*
Adjust income 4s....1927 23
23
23
1,000 23
Mar 4734 Jan
45
4554 46
May 23
May
25 46
Crane Co corn
100 100
5,000 100
Mar Chic Unit Art Thea 6515'48
Jan 121
Apr 100
119
121 121
Apr
100
Preferred
4855 Mar 593.4 Apr Commonw Edison5834
Cutler-Ham Mfg coin._ _ 10 574 57
106%
series
10655
1st
A.
M
_1952
58
10.000
106% Jan 106% May
Apr
Feb 33
25
3254
30
Decker (Alf)& Cohn,Inc _• 32
100 100
2,000 00
Feb 4251 May Fed UM (Mel) 3-yr 5545'30
Jan 100
• 30
3854
Apr
35
Eddy Paper Corp (The)_ _• 36
23,000 99
May Inland Gas Corp 654s A '38 99% 99 100
May 100
2455
1334 Jan 25
Feb
El Household Util Corp _10 2354 23
10155 10151 5,000 99
1436 Apr Jewelers Bldg (Chic) 6s1950
251 Jan
Jan 101% Apr
10
1355
Elec Research Lab Inc_ _ _• 1255
May Metr W Side ElFeb 105
99
10455 105
Empire G &F Co 7% pf100 10.5
8254 82% 9,000 7955 Jan 84
Extension gold 4s...1938
Apr
10834 Feb 113
Mar
11231 113
100 113
8% preferred
9455 94%
1,000 94
Apr 9554 Mar
55
May Northwestern Elev 58_1941
Jan 85
85
81
Evans & Co Inc cl A_ _ __5 81
Pub
Serv
10455
1st
ref
104% 3,000 104% May 10555 Jan
g
5s_
_1956
Apr
Jan
85
55
84
81
5 81
Class "B"
96
St Louis Gas de C 6s_ _1947
96
2,000 96
Feb 98
Mar
Fitz Simons & Connell
100 100
5,000 100
Jan 7436 Mar Straus Safe Dep 5 s _ _1943
Mar 100
46
Mar
5734 5755
Dk & Dredge Co corn _20 573
100 100
2,000 100
Jan 100
1851 Jan 2934 May 65 East So Water 6548 1947
29
Jan
Foote Bros(G dr M)Co_.5 2855 27
100 100
4,000 100
May Texas Water UM (is A.1948 100
4734 Jan 71
Mar
Mar 100
6354 71
• 71
Galesburg Coulter-Disc _.
Apr United Pub Say CoJan 55
35
50
50
General Box Corp prat 106 50
15-yr 68 "A"
Apr
1,000 97
9
Jan
1942 9751 9734 9751
3
Feb 98
Jan
655 7
7
8
Godchaux Sug Inc Cl 13
2-ys 65
Apr
43
Jan 62
1929 10051 100% 10051 2,000 9951 Jan 100% Apr
Goasard Co (H W)corn. _• 6054 5855 61
Feb United Pub Util CoJan 330
245
306 310
Great Lakes D & D.. -100
101
101
5,000 99% Jan 101
1st 68 "A"
Apr
Apr 45
1947 101
39
Feb
424 45
Grief Bros Coop'ge A corn •
10051 10055 7.000 9955 Mar 101
May Vicksburg Bdge & Fer 65'58
Mar 82
54
Mar
82
65
Grrgsby-Grunow Co corn...* 68
AA
AA u
3951 Feb 4651 Anr
"
• No par value.
100
12
155
160
8
5
23
20
1,508
5
1,366
285
85
1,027
12
145
328
501
89
15
2,830
324
90
347
9
86
37
5
5
307
1,240
17
231
100
69
105
251
536
151
19
25
15
16
100 102%
5351 55
3655
36
100% 101
105 105
42
42
112 112
45% 49%
4955 4955
8755
83
29% 32%
10455 106
1851 1951
111 111
7355 7355
3755 3855
44
43
113% 114
105 105
15
14
124 135
505 540
290% 295
197 197
114 115
99
99%
114 114
99
99
100% 100%
4954 575£
102 102
122 125
75
75
101 102
7%
7
61
58
104 10555
56%
54
107 107
119 119
0WOOMM000M0000000,40000000000
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i
16
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m.wmo
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DOOMOWOOMO 000NO0.00.Mm00000M00000m0000W..0wmwomomwo.mo.mwoommmowmmowoom
Hatfield-Reliance corn ___•
Preferred
100
•
Hobart Mfg
Jaeger Machine
•
Johnston Paint prof _
Kahn 1st pref
100
Kahn participating
40
Kemper-Thomassp pref100
Kodel Radio"A"
*
Preferred.
20
Kroger corn
10
Lunkenheimer
•
Nash(A)
100
McLaren Cons"A"
•
Mead Pulp special pref _100
Mead CuM
Meteor
100
National Pump
10
Ohio Bell Tel pref
100
Ohio Shares
•
Paragon Refining com _ _ _25
Preferred
1110
Pearl-Market__ _.,
100
Proctor & Gamble corn _20
8% preferred
100
6% preferred
100
Pure 0116% pref
100
8% preferred
100
Putnam Candy prat_ _ _100
Queen City
Rapid Elec
Rollman pref
100
U S Playing Car
10
US Print & Litho com _100
Preferred
100
U S Shoe corn
•
Preferred
100
Vulcan Last corn
100
Whitaker Paper corn
•
Preferred
100
Wurlitzer 7% pref
100
•No par value.
15
99
4454
29%
100
100
40
112
26
26
70
25%
100
165£
10655
65
26
3755
110
105
936
106
495
249
192
111
9651
111
96
100
3455
99
117
64
96%
555
45
60
52%
May
Jan
Jan
May
Jan
Jan
Jan
May
Feb
Feb
Jan
May
Apr
Feb
Feb
Mar
Jan
Jan
Jan
May
Apr
May
Jan
Jan
Apr
Feb
Jan
Mar
Apr
Apr
Feb
Mar
Feb
Feb
Feb
Feb
Mar
Jan
Mar
Feb
18
Feb
109
5655 May
36)5 May
Feb
102
May
108
4555 Jan
11255 Feb
5555 Jan
Mar
50
8451 May
May
33
11755 Mar
20% Apr
11155 Apr
Jan
82
4055 Apr
Apr
48
Apr
115
106% Apr
15
May
May
135
May
540
May
300
Feb
200
115% May
100% Apr
115% May
Mar
99
10055 May
Apr
59
Apr
103
Jan
132
8355 Jan
Apr
102
9% Apr
Apr
62
May
135
Mar
85
FINANCIAL CHRONICLE
MAY 12 1928.]
St. Louis Stock Exchange.—Record of transactions
at St. Louis Stock Exchange, May 5 to May 11, both
inclusive compiled from ()Mehl sales lists:
Stocks—
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
c'as
35 95
May
769 1831 Feb
605 35
Apr
4.256 32
Mar
304 20
Mar
2.311 16
Apr
2.648 31
Jan
Apr
100 30
20 16% Apr
410 37
Apr
96 117% Jan
265 16
Jan
10 100
Jan
200 27
Mar
6368 37
Feb
60 964 Jan
Mar
Mar
.MOOM000MO.NNM,00
WW
ONMVNNVM.VNM0M00
M.
.
..
.
914 May
May
84
MO
Ow
.
X
XXx
ggs
...
1.000 100
May
100
May
100
2,000 100
10034 12,500 984 Jan
XX
100
100
100
XX
914 924 24.000
8414 10,000
84
30e
11
X
914
40
1,175
=
354 35e
124 15
.
.
4.
4. ,-.
96
23
39
40
23
18
434
35
174
43
44
119 120
32
32
101
101
304 3034
85
95
10434 106
95
22
38
37
2211
17
4034
35
.
4 og
Apr
Apr
Jan
Jan
Mar
Apr
Mar
Mar
May
Mar
Feb
Jan
Mar
Jan
Mar
Jan
Jan
Jan
May
Jan
Jan
Feb
Jan
Jan
Feb
Ap
Apr
Apr
Jan
Jan
Jan
Apr
May
Jan
Jan
.101ata,15a73aaarn2t7a2aRr3R4.7.7.5.110.4.344. 401d4=4.4.dg4
2,020 334
15 1024
5 224
175 3831
85 474
10 117
150 124
155 19
4 11
1,405 21
68 103
53 98
13 1084
58 1024
500 30
5 115
180 234
103 72
85 29
400 114
15 59
10 11331
445 20
45 34
635 20
10 95
1.700
314
855 7411
50 1634
1,992 62
5 1094
6,469 48
666 43
100 23
2.57 5 38
a.1
364 40
1044 10434
234 2334
394 3934
52
52
118 118
164
16
2331 24
11
11
434
37
101 1034
100 100
110 110
103 103
3014 304
120 120
354 37
87
85
30
29
1514 164
78
78
118 118
26
2731
38
38
25
2511
99
99
44 6
87
76
184 1874
86
84
1114 11111
6534
50
43
4734
59
59
4834 51
350
1474
Miscellaneous Bonds—
Klnloch Telephone tis _928
Klnloch Long Dist 5s _1929
Scullin 6s
1941 100
20
Jan
7834 Apr
X
Street fly. Bonds
City & Sub Pub Serv5s 1934
United Rya,4s
1934
625
132
X XXXXX
Mining Stocks—
Granite 131-Metallic
10
Cons Lead & Zinc Co"A" •
Apr
Apr
58 200
10 540
0O0.AMOW0!•00M0.000.0t.-MOt.MN
,VONVWN.N.,r00.0MNM0M.1,..MVNO
IDD.0.0,
0,4
C,
.... .
. .
.
.
Miscellaneous Stocks—
20
A oe corn
Preferred
100
Best Clymer Co.....
*
Boyd-Welsh Shoe
•
Brown Shoe com
100 5134
Preferred
100 118
Burkart com
* 16
Preferred
*
Chl fly Equip cons
25
Coca Cola Bot Sec_ _31.00
$1.00 434
Champion Shoe Mchypf1,0 1034
E L Bruce pref
100
Elder Mfg, lot pref _ _ _ _100 110
Emerson Electric, pfd _ 100
E y&WalkerDryGdscom 25
let preferred
100
Elder common
•
Elder"A"
100
Fred MedartM fg, corn_ _ _•
Fulton Iron Works,corn_ •
Preferred
160
Globe-Democrat,Pfd -.100
Hamilton-Brown Shoe_ _25 2731
Hussman Refr,com
• 38
Huttig S & 0,com
e
Preferred
100 99
Hydraulic Pr Brick,eom100
534
Preferred
100
Indep Packing.corn
• 1814
International Shoe.com• 844
Preferred
i00
Johnson-E3 & S Shoe
• 654
Landis NIchy, corn
25 4714
MQuay-Norris
* 59
Mo Portland Cement_ _25 494
0
Id
25
Moloney Elec pfd
100 96
Nat Candy,corn
25 2234
Pedigo-Weber Shoe
• 39
Polar Wave 1 & F
• 3914
Rice-Stix Dry Ods,com...• 2211
Scruggs-V-B DO,corn.25 18
Scullin Steel, pref
• 4014
Securities Inv, corn
• 35
Sieloff Packing,corn*
Skouras Bros "A"
: 43
SouthwesternBellTel,pf 100 120
St Louis Car,corn
10
Preferred
100
Stlx Baer
Wagner Electric,
&Fuller•
corn __ • 944
Wagner Elec Corp, pfd_ iao 106
244 2534
83
82
Mar
Apr
May
Apr
rs1t5.
25
82
158
320
295
157
X
*
*
220
550
15
15
I
5,581
tfl
NW
Street fly.Stocks—
St.L Pub Serv corn
Preferred
215
550
172
325
295
236
CO
N,
NO
Trust Co. Stooks—
100
American Trust
Mercantile Trust
100
17031
325
295
196
Stocks—
High.
01.a0W
r•..VO.
.MMN
Bank Stocks—
100
Boatmen s Bank
First National Bank ._ _100
Merchants-Laclede Nat 100
Nat'l Bank of Corn _ _ _ _100 21934
Cleveland Stock Exchange.—Record of transactions at
Cleveland Stock Exchange, May 5 to May 11, both inclusive, compiled from official sales lists:
Range Since Jan. 1.
Low.
• No paryalue.
Pittsburgh Stock Exchange.—For this week'
s record of
transactions on the Pittsburgh Exchange see page 2921.
San Francisco Stock Exchange.—For this week
'
s record
of transactions on the San Francisco Exchange see page 2921.
2947
Friday
Saws
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
Aetna Rubber,com
•
Amer Multlgraph,corn...*
Airway Elect, pref
Allen Industries
Bond Stores"B"
•
Buckeye Incubator,icom _ e
Bulkley Building, pref _100
Byers Machine "A"
•
Central Alloy Steel, corn. _•
Preferred
100
City Ice & Fuel, corn
*
Cleve-Cliffs Iron, corn..°
Cleve Elect Ilium, pfd_190
Cleveland Railway, com100
Cleve Secur, P L pfd_10
Cleveland Trust
101)
Cleve Un Stockyds. com100
Cleve Wrstd Mills, corn 100
El Cont & Mfg, corn
•
Falls Rubber, corn
*
Faultless Rubber. corn _ .._*
Federal Knitt Mills, corn.*
Firest Tire & Rub,corn. _10
7% preferred
100
Foote-Burt, preferred_ _100
General Tire & Rub, com25
Preferred
100
Glidden,com
•
Prior preferred
100
Grasseill Chemical, com100
Preferred
100
Greif Bros Cooperage,come
Guardian Trust
100
Halle Bros, prof
100
Harbauer. corn
•
Harris-Seybold-Pot, corn.*
India Tire & Rub, coin__ _•
Interlake Steamship, com•
Jaeger Machine, com_ _ _ _•
Jordan Motor, preferred100
Kaynee.com
•
Preferred
100
Kelley Island L & T com100
Lemur, cons
McKee Act Co,corn
Met Paw Brick,com
•
Miller Rubber, pfd_ _.100
Mohawk Rubber, corn...*
Preferred
100
Myers Pump,corn
National Acme,corn.... 11)
National Refining, com_25
Preferred
100
National Tile, corn
•
No Ohio P & L6% pfd.100
Ohio Bell Telep. pfd.
._100
Ohio Brass"13"
•
Packard Else
Packer Corp
Paragon Refining, corn_ _25
Preferred
100
Peerless Motor. corn_
_50
Richman Bros. corn
•
River Raisin Pap,com•
Scher-Hirst, corn
Selby Shoe Co, corn
Sandusky Cement, com_ •
Selberling Rubber, corn. _ 11
Preferred
100
Sherwin-Williams,com_25
Preferred
100
Smallwood Stone, com_ •
Sparks-Withington, pfd100
St Textile Prod,corn_._100
"A" preferred
100
"B" preferred
100
Stearns Motor, corn
•
Steel & Tubes. corn
25
Telling-Belle Vernon. come
Thompson Prods, com_100
Trumbull Steel, com
*
Preferred
100
17n Metal Mfg, corn
•
Union Mortgage. com_ _100
1st preferred
100
Union Trust
100
Wern-Seav. Morg, pfd_100
Wood Chemical
Ygstn Sh & Tube, pf_ _100
Bonds—
Cleveland Railway 5s_1931
33
17
25
374
35
51
115
24
369
27
66
36
39
176
109
1004
2334
110
34
37
41
3434
49
71
160
85
41
334
93
6734
3934
144
2834
114
4011
46
75
107
14
69
34
64
100
5114
41
100
297
2634
01.12•..1..2nt...4 n.... a. In Ao
Range Since Jan, 1.
Low.
2411 244
2934 33
10434 105%
1411 174
134
1
25
27
68
68
3714
37
35
35
10934 110%
51
48
117 117
11411 115
104
1053.4
24 23.4
369 370
264 27
21% 22
64
66
104 12
36
36
384 394
173 180
1083-4 10931
90
90
180 180
100 1004
2334 2414
100 101%
145 145
110 110
4514
42
450 450
10374 104
14
14
15
15
33
3434
130 130
3834 38
25
30
41
42
10014 1001.4
53
53
3414
34
43
43
444 49
70
72
129 165
85
84
41
4234
1774 19
3554 3534
131
132
3334
33
9911 994
1134 114
92
96
61
68
3714 394
133-4 1534
124 135
21
21
28034 284
11
114
284 29
404 4114
190 200
4514 494
10414 105
69
75
107 108
31
3114
105 105
14
14
69
70
34
35
634 7
914 100
61
5134
3514 41
1111 114
984 100
47
4811
4
A
5
5
297 298
87
88
264 2634
106 106
120
1,368
60
920
440
428
10
830
100
245
4,665
2,100
50
1.182
25
27
420
220
600
401
91
830
95
495
20
10
270
150
63
116
20
967
20
240
25
131
1,362
25
1,84*
280
615
10
Is
3.232
225
2,139
587
4,285
253
1,885
1.'
90
52
786
15
140
806
485
1,570
4,465
350
80
474
80
245
3,635
26
2,495
180
883
100
125
25
200
882
110
752
1,615
4,078
3,03
728
480
305
10
84
25
250
1,336
55
1004 10014
3,000 100
1111
A AA
1A1
244
264
10134
134
14
25
68
34
2811
1094
364
104
11234
102
134
359
264
2134
54%
434
35
32
170
10831
80
165
100
2134
96
129%
10511
3911
290
102
1234
15
18
123
2814
20
3114
10034
4914
27
42
314
70
2934
55
53
734
35
130
33
93
HO%
9034
47
3234
934
1064
17
256
834
26
4014
155
3374
103
6554
107
2934
105
13
6014
3011
3
53
45
22
104
8954
45
14
5
285
87
25
106
High.
May 27
Jan
Jan 33
May
Jan 10534 Mar
Mar 1734 May
Jan
131 May
May 49
Jan
Apr 7011 Feb
Apr 40
Jan
Mar 364 May
Jan 112
Mar
Feb 51
May
Jan 120
Mar
Jan 115
May
May 109
Mar
Feb
314 Apr
Jan 400
Mar
May 2734 Apr
Feb 30
Mar
Jan 66
May
Feb
12
Apr
Apr 3914 Jan
Jan 3911 May
Mar 332
Jan
Feb 11111 Jan
Feb 90
May
Mar 190
Jar
Apr 103
Mar
Feb 254 Apt
Jan 100
Api
Feb 145
May
Feb 111
Aps
Apr 4511 May
Jan 465
Mar
Jan 10411 Fet
Apr 14
Jar
Apr 24
Jar
Feb 45
Ay]
Feb 130
May
Jan 38
Mat
Jan 50
Mal
Mar 4314 May
May 1023.4 Jet
Apr 554 Jar
Mar 35
Ma
Apr 45
Ap
Jan 49
Mal
May 98
Jet
Jan 165
Mal
Jan 894 Ap
Feb 4334 Ap
Jan
1934 Ma:
Apr 39
Jai
Mar 135
Fel
Feb 3534 Jas
Jan 100
Fel
Jan 1144 Ap
Jan 1004 Ma
Jan 68
Ma
Feb 393-4 Ma
Jan
1534 Ma
Feb 135
Ma
Feb 244 Ar
Feb 290
Ja
Jan
12
At
Feb 29
Ma
May 47
Ar
Jan 200
Mt
Feb50 Ma
Feb10534 Ja
Feb75
Ma
Feb10911 Mr
Jan 32
Fe
May 10534 Fe
Jan 16
Mt
Jan 71
Al
Jan 35
Ma
Mar
8
Al
Jan 100
Ms
Feb 543.4 Al
Feb 41
Ms
Jan
13
Fr
Jan 10814 Ft
Mar 4834 Mr
Feb
7
Jr
May 30
Jr
Jan 301
Al
Feb 89
JE
Mar 2734 Al
Feb 1064 ME
May 101
101
V...,
1A1
Fl
m,
• NO par value.
New York Curb Market—Weekly and Yearly Record
In the following extensive list we furnish a complete record of the transactions on the New York Curb Market
for the
week beginning on Saturday last (May 5) and ending the present Friday (May 11). It is compiled entirely from
the daily
reports of the Curb Market itself, and is intended to include_every security, whether stock or bonds, in which
any dealings
occurred during the week covered:
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week
Par,Price. Low. High. Shares.
Week Ended May 11.
Stocks—
Indus. & Miscellaneous.
Aeetol Products, Inc. A..•
Acme Steel. corn
25
Adams Mills Corp
Aero SupnlY Mfg cl A----•
Class 13
•
Ala Gt Southern RR ord 50
Preference
50
/Ales & Fisher Inc tom_ •
Alliance Ins(Phila)
10
Allison Drug Store cl __A•
Class')
•
Alpha Portl Cement com.•
•
Aluminum Co. corn
Preferred
100
American Arch Co
100
Amer Bakeries, class A_ •
Am Brown Boveri El Corp
•
Founders' shares
Amer Chain corn
•
Amer Cigar,corn
100
Amer Colortype corn
•
25
28%
22
17
183
191(
8%
42
162
110
5314
1211
149
3254
Range since Jan. 1.
Low.
High.
Friday
Sales
Last Week's Range for
Sale
Of Prices.
Week.
Stocks (Continued) Par. Price,Low. High. Shares.
Am Cyanamid corn cl /3_20
Feb
Preferred
100
Apr
Amer Dept Stores Corp.
May
American Hawaiian SS_ _ 10
May
Amer Rayon Products_ _•
Amer Rolling Mill, com_25
May
Apr km Solvents &Chem,v t0.
Apr
Cony panto preferred..•
Jan American Thread pref....5
May A nglo-Chlle Nitrate COM-•
Jan Apco-Mossberg A
25
Armstrong Cork, new come
Jan
May Arundel Corp
•
May Atl Birm & Coast flit pref.
May
Atlantic Fruit dr Sugar___•
Atlas Plywood
Jan
•
May Atlas Portland Cement__ •
Auburn Automobile. com..•
434 Feb 124 May Axton-Fisher Tob corn A 10
10
124 16.600
41
42
50
39
Ma
45
Jan Babcock & Wilcox Co._100
149 1564
1,000 132
Ma 16214 Apr, Bahia Corp.com
•
2634 3234 2.200 233.4 Feb 32% May 1
Preferred
25
244 2514
92
89
284 29
19% 22
144 17
180 181
182 183
26
27%
88
8914
19
1931
84 s%
42
45
1494 16614
109% Hog
5311 56
57
59
1,200
500
2.300
2.000
2,800
200
200
900
150
1,400
200
1.600
7,000
1,200
1,20
40
22%
83
28%
14
834
162
162
26
7534
814
10
374
120
10514
52
49
May
Jan
May
Jan
Jan
Jan
Jan
May
Jan
May
Mar
Mar
Jan
Jan
Mar
Jan
3154
9611
29
22
17
182
185
34
894
2114
1514
45
1664
1 1034
70
59
5114
2031
235(
1354
10054
25%
374
31111
49
104
94c
883.4
133%
49%
124
15%
1855
47% 514
10011 1003-4
2034 n2131
21
2314
1314 14
100 104
2311 25%
3531 374
34 31114
31
344
4
4
64
65
49
51%
104 104
850 950
8014 8634
4514 45%
132 137%
4934 4934
123% 124
1534 15%
15% 184
14.700
100
11,950
7,400
700
9,400
10,800
3,200
1.100
2,500
100
350
900
50
10.100
2.000
200
4,60
60
75
9,000
5,800
Range Since Jan, 1.
Low.
384
9534
134
15%
13
95
1134
2534
2111
2634
374
60
464
104
720
r6334
38
115
494
11714
Mar
Jan
Jan
Jan
Mar
Jan
Jan
Mar
Jan
Feb
Apr
Apr
Apr
May
Jan
Jan
Fe
Fe
May
Mar
Fel.
914 Feb
High.
514 May
101
Apr
n2114 May
23% Apr .
174 Jan
114
Jan
254 May
3734 May
31111 May
344 May
631 Jan
88
May
51% May
104
May
1
Jan
86 %May
474 Apr
143
Mar
5134 Apr
12434 Jan
17
May
1854 may
2948
FINANCIAL CHRONICLE
Friday
Sales
Last Week's Range for
Sale
Wee/c.
of Prices.
Stocks (Continued) Par. Price. Low. High. Shares.
BancItaly Corooration__25
•
Barker Bros Corp core
100
Cony64% pref
Bastian-BlessIng Co
•
Electrice. cm•
Sandi' Corp corn class A 10
Benson & Hedges con] •
Cum cony preference_ _•
Bliss(E W)dc Co com_•
Blumenthal(S)& Co com.•
Blyn Shoes. Inc. corn_ _ _10
Bohack (II C) corn.... 100
First preferred
100
Bohn Aluminum & Brass.•
Bowman-Biltmore Hotels•
Common
7% preferred
100
Bridgeport Mach, com
•
•
131111 Corp, class A
•
Class B
•
Brill° Mfg.corn
Bristol-Myers Co. com....._•
Brit-Am Tob ord bear. L1
Ordinary registered_ __ £1
British CelaneseAmer deposit receipts-Broadway Dept Sts lot Pr
100
With warrants
Brockway Mot Trk. corn.•
100
Preferred
•
Budd (F3 G) Mfg com_
•
Bullard Mach Tool
S
Burt(FM) Co com
Buzza Clark, Inc. corn_ _ _•
Camp. Wyant Se Cannon•
Foundry
Canadian Indus Alcohol_ _•
Carnation Milk Prod com25
Casein Co of America...100
Case Plow Wks, el B v t a.•
•
Caterpillar Tractor
Cavan-Dobbs. Inc. corn_ _•
6 A % pf. with COM. sti.
100
pur. warr
Celanese Corp of Am,com•
100
First preferred
100
New preferred.
Celluloid Co. corn
$7 preferred
Celotex Co.common
50
Cent Aguirre Sugar
Centrifugal Pipe Corp __-•
Checker Cab Mfg corn ___•
50
Chic Nipple Mfg cl B
Chickasha Cotton 011.10
100
Childs Co prat
Cities Service.common_ _20
100
Preferred
10
Preferred B
100
Preferred BB
Bankers shares
City Ice & Fuel (Cleve)- -•
Clark Lighter cony A ____•
Club Aluminum Utensil_ _•
Cohn-Hall-Marx Co
•
Colombian Syndicate
Columbia Graphoph Ltd
Am dep rcts for ord stk__
Cons o Dairy Products_ _ •
Consol Film Indus. corn •
•
$2 cum panic pref
•
Conaol Laundries
Cons Ret Stores Inc, corn.•
Copeland Products IncClass A with warrants.•
Courtaulds Ltd-Amer Dep
rct for ord reg £1
Crocker-Wheeler corn _100
Crow. Milner & Co. com.•
Crown Wine Pap v t e. •
100
Cuneo Press corn
63.4 % pref with warr_100
Curtiss Aaron' Ext Corp.•
Curtis Publishing oom____.
$7 preferred
•
Davega• Inc
Davenport Hosiery Co__ _•
Deere & Co. common...100
De Forest Radio. v t a_ ___•
•
'Jot Cr ctf ctf of
Detroit Motorbusdep___-10
Dinkier Hotel class A with
•
purch warrants
Dixon (Jos) Crucible___ 100
•
Doehler Die-Casting
•
Dominion Bridge
Dominion Stores. Ltd_ ___•
Donner Steel prior pref_100
Dui:Alter Condenser Corp_•
Dunlop Rubber Co. Ltd.
Amer den recta
•
Dupont Motors
Durant Motors. Ine___.•
•
Dux Coe] Avtc
•
Eastern Rolling Mills _
Eitingon Mind Co.corn_ _•
655% cony let pref_ _100
Evans Auto Loading al A.8
5
Class B common
Fageol Motors Co corn_ AO
100
Fajardo Sugar
Fandango Corp
Fansteel Products Inc_ ___•
redder* Mfg Inc class A_ •
10
Fire Assoc of Phila
Firemen's Fund Ins_ _ _100
Firestone T & R corn _ __10
100
7% preferred
Florsheim Shoe Co com A •
100
6% preferred
Foote Bros Gear& Mach cm
Ford Motor Cool Can_100
•
Forhan Co class A
Foundation CoForeign shares class A__•
Fox Theatres class A cum_•
Franklin (II H) Mfg com.*
100
Preferred
Freed-Eiseman Radio_ ___•
French Line_ ___600 francs
Amer shs rep corn B stk.
Freshman (Chas) Co
Fuller Bursh
AA
•
Fulton Sylphon Co
Galesburg Coulter Disc.•
Gamewell Co common_ •
•
Garod Corp
General Amer Investors_ _•
General Baking corn _ _ _•
•
Preferred
•
Range Since Jan. 1.
Lou'.
High.
Jan 223
21856 215 22035 40,000 138
600 393£ Apr 4151
394 3951
600 1024 Mar 105,
105
1044 10534
8
100 28
38% 385,5
Mar 394
135 50c
14 2,200 450 Feb
14
115
1,100 5354 Jan 115
99 115
2151
300 19L1 Feb 24
21
200 2755 Apr 314
2855
2835 29
214 1,500 1651 Mar
2455
21% 19
1,100 2654 Mar 37
34A
33
36
4
355 Mar
700
331 4
434
1,310 230
285
Jan 325
285 325
Mar 115
100 108
110 110
7955 764 8035 12,900 3354 Jan 8235
23
6955
324
109
74
19
6
69
231
29
154
2355
65
28
28%
3055 3334 27.500
50
34%
36
33
11,15
7755
Apr
May
Jan
Feb
Feb
Feb
Apr
May
Jan
Mar
Feb
Apr
Feb
May
May
Apr
Apr
May
May
Apr
Jan
Mar
May
8155 147,50
344 Jan
Jan
4155 11,500 21
600 15% May
16%
3,10
2455
2255 Feb
17% 2,70 z1451 Jan
2851 Apr
3555 8,30
May
May
Feb
Apr
Apr
Apr
1955
154 1955 12,30
2251 245£ 3,40
8
50
50
51
40
51
5155
70
2451 22% 244
47
47
20
1014 10155
10
42
44
37
17,60
15
186% 18454 186%
118 118
20
36
36
36
10
1435
1455 1455
20
35351 362
2,400
11
4
11
29,900
24 10
10
18,600
1451 1451
300
2451
2435
188
3155
94
12855
80
4
435
188
37
94
131
855
134
4455
12155
17455
5535
101%
674
1455
28
1434
231
634
2955
9335
40
684
700.
6934
144
8434
334 May
600 102
10755 108
Apr 109
14,600 7054 Mar 103
93 103
160 1694 3.600 157% May 18534
3,000 105
108 109
Apr 112
400 100
10051 10055
Jan 122
Jan 9751
100 89
9355 934
550 49
66
Feb
664
69%
450 1164 Feb 151
1464 14834
900 10
10
1034
May
1254
2655 27% 1,100 203.1 Mar 31
2
100
14 Feb
2
5
600 494 Apr 51
4955 5055
190 110% May 12434
114% 11331
50,500 54
6334 68
Jan 68
1024 n10355 5,500 9454 Jan 10355
500
9%
955 955
855 Jan
100 8834 Jan 97
33
200 2555 Apr 33
33
100 3634 Jan 50
50
50
5.200 3234 Feb 37
3455 35%
1,200 3455 Feb 385i
36
37%
34
300 2335 Jan 35%
33
16,700
Pre 2
21
IA Mar
2451
175:
3455
384
112
81
82
655
May
May
Mar
Jan
Jan
Mar
May
May
May
May
Apr
May
Mar
Feb
Apr
Apr
7635
3835
154
24
1755
294
751
251
11%
5
2255 Apr
6
73
555
3434
1651
3134
70
284
2855
5255 4,300 39
Jan 5254
50
300 364 Feb 5054
3,300 30
Jan 56
56
214
70 156
Jan 226
634 22,200
254 May 17
Jan 7755
7734 2,500 53
1,500 3131 Apr 3754
3631
47%
49
50
209
254
54
7634 75
344 34
115
67
1034
Mar
Feb
Oct
Apr
Mar
Jan
May
Jan
Jan
Jan
May
May
Jan
May
Jan
Mar
56
14831
104
264
110
5645
114
24%
764
70
19
434
69%
2
2754
1155
14
6555
254
25%
250 p1054 Jan 112
5,100 43
Jan 57
300 10554 Mar 117
400 20
May 34
2,500 43
Jan 7631
100 69
Feb 70
900 1454 May 2(95
109
5555
11355
2355
714
70
1731
5035
108
93
166
109
100
6
73
400
300
3
200
30
300
1551
254 1,300
10,100
70
800
2831
600
2855
Apr
Mar
May
Apr
May
May
Mar
Jan
Apr
Mar
Jan
May
Jan
May
74
Jan
2155
23
3434
16
40
10055
31
17854
117
30
10
2204
14
1
834
May
Jan
Jan
Feb
Feb
Mar
Ma
Feb
Apr
Mar
Ma
Jan
Jan
Jan
Jar
8155
41%
194
25
20
358
1955 May
244
46
5434
2755
4951
1024
44
189
11931
51
1855
37551
11
10
1431
May
Mar
Mar
Mar
Jan
Feb
May
Jan
Feb
Jan
Jan
AM
May
May
Slay
244
200 194 Apr 244
10 1734 Jan 196
188
11,500 1555 Feb 37
37
300 6834 Feb 95
95
1,100 10434 Jan 131
131
10 80
May 80
80
6,600
415
2% Mar
534
May
Apr
May
May
May
May
Apr
400
74 Apr
731 756
851 Apr
800 50c
2
Jan
235
4
Apr
21,800
914 Mar 1234 Jan
12
10
700
44 Apr
5
5
555 Jan
700 22
Feb 30
30
28
May
40% 5,500 35
Jan 4054 May
38
2,400 10454 Apr 115
1113.4115
May
8435 1.500 5534 Jan 85
81
Apr
81
84% 3.400 534 Feb 86
May
1% Jan
531 6% 5,100
654 May
60 15055 Feb 16555 Apr
15851 1594
1.300
855 May
855
831
Apr
10
1454
800 12
13
Feb 35
Jan
4455 23,200 2731 Feb 4455 May
35
82
500 65
80
Feb 84
Apr
300 1144 Feb 12854 Jan
12055 122
17331 180
600 166
Ntar 238
Jan
460 108
10855 11055
Feb 112
Jan
5555 56% 2,500 5555 May 5855 Apr
10151 10251 2,200 10131 May 10335 Apr
2855 29
200 19
Jan 29
May
1,290 510
570 674
Jan 674
May
1,600 23
273.4 2851
Jan 29
Jan
144
25
1451
85
251
1,800
1651
28 379,700
200
1434
87
150
251
100
10
1754
1355
85
1%
Jan
Mat
Mar
Slay
Feb
1955
28
1655
89
251
Apr
May
Mar
Mar
Apr
68
655
214
9355
3555
65
74
600.
60
955
8255
600
70
634 8,000
500
294
9455
250
4,000
40
300
6851
200
744
75c. 2,300
7,700
7155
144 568,900
8455 9,700
68
54
2174
8774
2754
4755
62
45e
563.1
8.55
7551
May
Feb
May
may
Mar
Jan
Feb
Apr
Feb
Apr
Apr
7155
10%
294
9455
44%
6811
75
134
71;5
144
8455
Mar
Jan
May
May
Feb
May
May
Apr
May
May
May
[Vol.. 126.
Frraas
&UM
Last feel's Range for
Sale
of Prices.
Peek.
Stocks (Continued) Par.
Low. High. Shares.
Gen'l Bronze Corp corn ___• 5055
General Cable warrants_ __
13
General Fireproofing com_•
General Ice Cream Corp_.•
Gen'l Laundry Mach corn • 27
Gilbert (A C) Co. com___• 1935
• 4755
Preference
COSpring & Bumper com•
955
Glen Alden Coal
Gobel (Adolf) Inc com___• 115
Gold Seal Electrical Co...•
955
Gorham Nifg common_ • 6155
Preferred
Grand(F & W)5-10-25c St. 6755
Grant( W T)Co of Delcom•
Gt All & Pac Tea lot of 100
Greenfield Tap & Die_ _ __• 1055
Griffith (D NV) class A. •
Grigsby Grunow Co
Hall(C M) Lamp Co_ _ _• 18
Hall(IV F)Printing__ _10 254
Happiness Candy St clA.•
8
Hazeltine Corp
144
Heilman (Richard) warts_
134
Henney Motor corn
Hercules Powder corn. _100
•
Heyden Chemical Co_
Hires(Chas E)cl A com •
• 4255
Holland Furnace Co
Home Fire & Mar Ins Call0
Hood Rubber
* 58
Horn & Hardart corn
Huyiers or Del com
• 16
7% preferred
100
Hygrade Food Prod com.• 31%
5
Imp Tob of Canada
Imp Tob of G B & Ire_ _£1
Industrial Rayon class A.
2155
Insur Co of North Amer_10 102
Insurance Securities
10 32
Internat Cigar Mach'y
•
Internat Projection
International Shoe coca _ _• 85
Interstate Dept Stores corn* 4955
7% cum pref with war100 1145,
• 363,
Jaeger Mach
Jocke Bros Co corn v t c_.•
Johansen Bros Shoe com_• 373.
Kaynee Co common._ _ _10 41%
Keiner-Williarns Stpg_
*
Kenisley, Millbourn At Co• 195,
Kinnear Stores Co corn_ •
•
Knott Corporation
Kruskal & Kruskal Ina_ •
Lackawanna Securities__ _• 505,
Lake Superior Corp_ A00
Land Co of Florida
Lefcourt Realty pref
• 4231
Lehigh Coal & Nay ____50 1293,
Lehigh Val Coal ctis new.. 31%
Lehigh Val Coal Sales_ __50 60
LeMur Co corn _.
.• 34
Libby, McNeil & Libby _10 131%
Libby Owens Sheet Glass 26 13135
10
Lit Bros Corp
Magnin (I) dr Co corn
•
Nlanning Bow dr Co A. *
Class B
1033
Margarine Union LtdDeo rcts for on' stock..
--8234
Marion Steam Shovel_
Mansion Motor Car corn.' 5455
10 91
Marvel Carburetor
M
@FedFRASER